China’s average alumina spot price jumps by RMB33/t over the weekend to stand above a 2-year high

According to the Shanghai Metals Market survey, China’s average alumina spot price has jumped by RMB 33 per tonne over the weekend to stand at RMB 3,878 per tonne as of May 27. This latest hike has marked China’s domestic alumina price above a 2-year high.

In Lianyungang and Bayuquan, alumina spot price has soared by RMB 85 per tonne to reach RMB 3,955 per tonne and RMB 3,965 per tonne, respectively, followed by a rise of RMB 40 per tonne in Shandong to RMB 3,860 per tonne. In Henan, Shanxi, Guizhou, and Guangxi, alumina price has unanimously increased by RMB 30 per tonne to start the week at RMB 3,870 per tonne, RMB 3,885 per tonne, RMB 3,875 per tonne, and RMB 3,910 per tonne, found SMM.

The Australian alumina FOB price has also increased over the weekend after remaining restrained since May 16. According to SMM, the price has grown by US$2 per tonne to stand at US$427 per tonne as of May 27.

A00 aluminium ingot

A00 aluminium ingot price has also encountered a rise over the weekend, marking the second back-to-back growth following a drop on May 23. According to SMM survey, A00 aluminium ingot price has increased by RMB 90 per tonne on May 27 to reach RMB 20,880 per tonne. The average prices are likely to range between RMB 20,860 per tonne and RMB 20,900 per tonne, with spot contract to be traded at a discount price of RMB 130-90 per tonne.

In Foshan and Chongqing, A00 aluminium ingot price has escalated by RMB 100 per tonne to come in at RMB 20,820 per tonne and RMB 20,850 per tonne, while the price in Hangzhou and Linyi has climbed up by RMB 90 per tonne to stand at RMB 20,880 per tonne and RMB 20,910 per tonne, respectively. In Wuxi and Shenyang, A00 aluminium ingot price has expanded by RMB 70 per tonne to settle at RMB 20,870 per tonne and RMB 20,810 per tonne, learned SMM.

In line with A00 aluminium ingot price hike, aluminium alloy prices have increased over the weekend. The prices of aluminium alloy (A356) and aluminium alloy (A360) have elevated by RMB 100 per tonne to stand at RMB 21,400 per tonne and RMB 21,700 per tonne, respectively, as of May 27.