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05 NOVEMBER 2018 AL CIRCLE

China’s primary aluminium inventory drops on limited supplies; Ingot prices rise after four days

EDITED BY : HEENA IQBAL 2MINS READ

Social inventories of primary aluminium across eight consumption areas in China, including SHFE warrants, dropped some 25,000 tonnes from Thursday November 1 to stand at 1.5 million tonnes as of Monday November 5, Shanghai Metals Market data showed. Supplies shrank while outflows from social warehouses remained stable and this accounted for the decline in inventories of primary aluminium over the weekend.

In Wuxi and Jiangsu, the inventory declined to 643,000 tonnes today, from 659,000 tonnes on Thursday November 1; in Shanghai and Nanhai, Guangdong, the inventory came in at 342,000 tonnes and 225,000 tonnes respectively. In Gongyi, Henan, the inventory declined to 89,000 tonnes today.

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The current inventory status in the major Chinese cities is as follow:

In another update from SMM, China market witnessed a rise in A00 aluminium ingot price after four consecutive days of decline. Average spot price of A00 aluminium ingot in China stands at RMB 13,850 per tonne today, up by RMB 50per tonne from RMB 13800 per tonne on Friday, November 2. The average prices today are expected to range between RMB 13830 per tonne and RMB 13870 per tonne, with spot discounts to settle at RMB 60 to RMB 20 per tonne.

In the east market, the price rose by RMB55 per tonne to stand at RMB 13850 per tonne. The price is expected to range between RMB 13840 per tonne and RMB 13860 per tonne.In the south and north, the prices grew by RMB 20 per tonne and RMB 20 per tonne to stand at RMB 13920 per tonne and RMB 13840 per tonne, respectively.

As for alumina prices are concerned, the average price stands at RMB 3170 per tonne today, up by RMB 27 per tonne from RMB 3143 per tonne on Friday November 2. Australian alumina FOB price dropped by USD40 per tonne to stand at USD420 per tonne on Monday November 5.


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EDITED BY : HEENA IQBAL 2MINS READ

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