Increase in average alumina price, low inventories result in A00 aluminium ingot price rise today
According to Shanghai Metals Market, the average spot price of alumina has extended its rise today, September 20, by RMB 13 per tonne to stand at RMB 2,592 per tonne to conclude the week with another price hike. This marks the two consecutive rises in alumina spot price after two days of restraints at RMB 2,569 per tonne on Tuesday (September 17) and Wednesday (September 18).
Other than in the east, the alumina price has recorded an increase in the central, north, and south by RMB 20 per tonne and RMB 10 per tonne to RMB2,610 per tonne, RMB 2,600 per tonne, and RMB 2,520 per tonne, respectively. In the east, the price has remained restrained at RMB 2,590 per tonne.
The Australian alumina FOB price, on the other hand, has dropped by US$3 per tonne to US$ 292 per tonne, as of September 20.
Backed on the rise in alumina price and the decline in primary aluminium stocks in the market, the A00 aluminium ingot price has also registered a growth today of RMB 10 per tonne to stand at RMB 14,280 per tonne. The average prices are expected to range between RMB 14,260 per tonne and RMB 14,300 per tonne, with spot contract to be traded at a discount price of RMB 10-50 per tonne.
In Foshan and Linyi, the price has increased by RMB 20 per tonne to stand at RMB 14,320 per tonne, while in Wuxi, Hangzhou, Tianjin, and Gongyi, the price has grown by RMB 15 per tonne to RMB 14,280 per tonne, RMB 14,305 per tonne, RMB 14,285 per tonne and RMB 14,180 per tonne, respectively.
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