
According to Shanghai Metals Market, the A00 aluminium ingot price has extended its plunge over the weekend by RMB 30 per tonne on Monday, November 12, to stand at RMB 13830 per tonne. The average prices are expected to range between RMB 13810 per tonne and RMB 13850 per tonne, with spot discount to stand at RMB 40 per tonne.

In the east, the ingot price has slipped by RMB 35 per tonne and stood at RMB 13830 per tonne, same as that of the average spot price. In the south and north, on the other hand, the prices have dropped by RMB 50 per tonne and RMB 10 per tonne to stand at RMB 13900 per tonne and RMB 13850 per tonne, respectively.
The average ingot spot price has been witnessing drop week-on-week in spite of the lowered inventories. Social inventories of primary aluminium across eight consumption areas in China, including SHFE warrants, has come in at 1.466 million tonnes as of Monday, November 12. This marks a plunge by RMB 19,000 tonnes from Thursday, November 8, SMM data showed.
The below chart indicates the current status of primary aluminium inventories across Chinese markets:

The rising spot price of alumina since the beginning of the month also fails to push up the ingot price. Between November 1 and November 12, the alumina price has hiked from RMB 3127 per tonne to RMB 3182 per tonne, with slight intermittent restraints.
As of today, November 12, the alumina spot price has registered no change across the major Chinese markets. In the east, the price is hovering at RMB 3190 per tonne while in the north and south, the prices are standing at RMB 3185 per tonne and RMB 3160 per tonne, respectively. The Australian alumina FOB Price is also showing restraint at US$ 420 per tonne since November 5.
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