Leading companies' purchases; Aluminium scrap industry enters holiday
On January 24, spot primary aluminium prices fell by RMB 10 per tonne compared to the previous trading day, with SMM A00 spot aluminium closing at RMB 20,190 per tonne. Aluminium scrap market quotations fluctuated rangebound following aluminium prices. In the short term, the fundamentals remained weak on both supply and demand, as most suppliers have entered the holiday mode, while a few leading companies continued procurement and sales. Aluminium scrap prices stabilised.
Today, baled UBC aluminium scrap was quoted at RMB 14,850-15,700 per tonne (excluding tax), and shredded aluminium tense scrap was quoted at RMB 16,350-17,850 per tonne (liquid aluminium, excluding tax). As the Chinese New Year holiday approaches, supply and demand remain weak, overall transactions have slowed, and the short-term price difference between primary metal and scrap is expected to fluctuate within a narrow range.
Source: SMM
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