Chinese A00 aluminium ingot price extends rise amidst muted input costs

The A00 aluminium ingot price in China has extended its growth today, on January 7, from RMB 13,300 per tonne to RMB 13,350 per tonne, found Shanghai Metals Market. Thus, the price today has marked a jump by RMB 50 per tonne against a growth of RMB 30 per tonne on the previous day, January 4, from RMB 13,270 per tonne to RMB 13,300 per tonne. That was the first price growth of aluminium ingot in China since the beginning of the New Year 2019.

However, today the average prices are expected to range between RMB 13,330 per tonne and RMB 13,370 per tonne, with spot discounts to settle at RMB 50 per tonne to RMB 10 per tonne. The average spot discount is estimated to be at RMB 30 per tonne, marking a decline by RMB 10 per tonne.

In the east, Wuxi and Hangzhou, the ingot prices have climbed RMB 40 per tonne and RMB 30 per tonne to stand at RMB 13,355 per tonne and RMB 13,365 per tonne, respectively. In the south and north, on the other hand, the prices have increased by RMB 70 per tonne and RMB 60 per tonne to conclude at RMB 13,490 per tonne and RMB 13,360 per tonne.

As far as the input costs are concerned, the alumina spot price has registered no growth so far in the New Year. Rather, it dropped on January 4 to RMB 2,928 per tonne after been at RMB 2,934 per tonne for over a week. Today, on January 7, the alumina price has shown restraint and thus, continuing at RMB 2,928 per tonne.

The major markets in the east, central, north and south have witnessed no change as well in the alumina spot price today and thus, hovering at RMB 2,970 per tonne, RMB 2,940 per tonne, RMB 2,910 per tonne and RMB 2,930 per tonne in the respective markets. The Australian alumina FOB price, however, has recorded a plunge today by US$5 per tonne to stand at US$400 per tonne.

Other raw materials like bauxite, the pre-baked anode, aluminium fluoride, and aluminium powder have registered no change either in their prices today, learned SMM