Chinese prebaked anode price rises as Weiqiao hikes anode's monthly purchasing price; Aluminium ingot price dips again

According to Shanghai Metals Market, Shandong Weiqiao Group, one of the top aluminium producers in China, has raised the benchmark purchasing price for prebaked anode for the first time this year by RMB 100 per tonne to RMB 3,095 per tonne in cash for June 2019. In May, the benchmark price had stood at RMB 2,995 per tonne in cash, down RMB 35 per tonne month on month.

Amidst this, the prebaked anode price in the east and central has recorded a rise by RMB 50 per tonne to RMB 3,162 per tonne and RMB 3,197 per tonne after almost a month.

The price of A00 aluminium ingot, on the other hand, has extended its fall by RMB 10 per tonne to RMB 14,170 per tonne, found Shanghai Metals Market. With this drop, the aluminium ingot price marks the fifth consecutive decline. The average prices are expected to range between RMB 14,150 per tonne and RMB 14,190 per tonne. Spot aluminium contract is likely to be traded at a premium of RMB 40 per tonne.

In Foshan, Wuxi, Chongqing, Tianjin, and Linyi, the aluminium ingot price has recorded decline by RMB 10 per tonne to RMB 14,240 per tonne, RMB 14,160 per tonne, RMB 14,190 per tonne, RMB 14,200 per tonne, and RMB 14,230 per tonne, respectively. While the ingot price in Hangzhou, Shenyang, and Gongyi has dwindled by RMB 40 per tonne, RMB 25 per tonne, and RMB 30 per tonne to stand at RMB 14,190 per tonne, RMB 14,195 per tonne, and RMB 14,085 per tonne.

The average spot price of alumina still remains unchanged at RMB 3,078 per tonne, as of June 3, learned Shanghai Metals Market. However, the Australian alumina FOB price has registered change after about a week, by inching down from US$377 per tonne to US$375 per tonne.