Guangxi Hualei increases its prebaked anode purchasing price for March: SMM

According to an update from Shanghai Metals Market, Guangxi Hualei New Materials has raised its prebaked anode purchasing price today by RMB 24 per tonne month-on-month for March. Guangxi Hualei New Materials is a subsidiary of the state-owned aluminium giant China Aluminium Corporation (Chinalco).

Higher transport costs are the main reason for this increase, bringing the purchasing price to RMB 3,958 per tonne.

On a broader nationwide basis, however, the prebaked anode prices have continued to show signs of weakness as of March 1. In the eastern market, spot prices have declined by RMB 70 per tonne from the previous day and averaged at RMB 3,350 per tonne, SMM found.

Earlier, on February 27, Shandong Weiqiao Group, one of the top aluminium producers in China, had tentatively lowered its purchasing prices of the prebaked anode by RMB 140 per tonne for March after it cut prices by the same amount for February.

With this cut, Weiqiao Group’s prebaked anode purchasing price for March comes in about RMB 3,180 per tonne in cash and RMB 3,215 per tonne on acceptance.