
Australia’s ban on its alumina and aluminium ore exports to Rusal and Russia’s price hike on natural gas causing possible disruption in aluminium production have lifted the LME prices almost throughout the week. On Monday, March 21, LME aluminium cash bid price and LME aluminium official settlement price started with a surge of US$137.50 per tonne or 4.07 per cent to INR US$3,517 per tonne and US$3,518 per tonne, which on Tuesday, March 22, grew by US$33 per tonne and US$32.50 per tonne to stand at US$3,550 per tonne and US$3,550.50 per tonne, respectively. On Wednesday, March 23, the prices further increased to US$3,558 per tonne and US$3560 per tonne, and jumped the next day exceeding US$3,600 per tonne. While LME aluminium cash bid price came in at US$3,663 per tonne, LME aluminium official settlement price reached at US$3,664 per tonne. However, on Friday, March 25, the prices stooped down to US$3,582 per tonne and US$3,583 per tonne, respectively.

3-month bid price and 3-month offer price also opened the week with a hike of US$125 per tonne to US$3,524 per tonne and US$3,525 per tonne. On Tuesday, March 22, both the prices continued to grow to stand at US$3,550 per tonne. 3-month bid price and 3-month offer price further increased on Wednesday and Thursday to rest at US$3,675 per tonne and US$3,675.50 per tonne, respectively, but decreased on Friday, March 25, to close the week at US$3,590 per tonne and US$3,590.50 per tonne.
LME aluminium opening stock decreased through the week from 704850 tonnes to 678100 tonnes.
SHFE aluminium price
The benchmark aluminium price for SHFE, on the other hand, showed downward sentiment this week except a few intermittent hikes. On Monday, March 21, the price surged by US$97 per tonne to stand at US$3,637 per tonne, but started declining the next day to US$3,610 per tonne. On Wednesday, March 23, the SHFE aluminium price further dropped by US$11 per tonne to settle at US$3,599 per tonne. However, on March 24, the price grew by US$54 per tonne to come in at US$3,653 per tonne but again declined on Friday to close at US$3,619 per tonne.
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