More sanctions on Russia escalate A00 aluminium ingot price by RMB 690/t

The Russia-Ukraine conflict has stirred the metal industry to the core, causing the aluminium prices to inflate further as more sanctions on Russia were imposed, as of Thursday, March 3. The A00 aluminium ingot price has jumped again by RMB 690 per tonne to stand at RMB 23,540 per tonne, found the Shanghai Metals Market. The average prices are expected to orbit between RMB 23,520 per tonne and RMB 23,560 per tonne, with spot contract to be traded at a premium price of RMB 130-90 per tonne.

According to the Shanghai Metals Market, the A00 aluminium ingot price in Shenyang and Tianjin has shown growth by RMB 670 per tonne to come in at RMB 23,460 per tonne, respectively. In Foshan and Chongqing the price has heightened by RMB 680 per tonne to total at RMB 23,520 per tonne and RMB 23,430 per tonne. On the other hand in provinces like Wuxi and Hangzhou, the price has uplifted by RMB 690 per tonne to peg at RMB 23,530 per tonne and RMB 23,535 per tonne. In Gongyi, the price has climbed up by RMB 670 per tonne to settle at RMB 670 per tonne, for the same day.

The aluminium alloy market has also recorded growth in China as of Thursday, March 3. The aluminium alloy (ADC12) price has boosted by RMB 400 per tonne surpassing RMB 22,000 per tonne, for the same day.  The price for the same has been closed at RMB 22,900 per tonne, with average prices likely to hover between RMB 22,800 per tonne and RMB 23,000 per tonne.

The aluminium alloy (A356) price has also moved upwards by RMB 700 per tonne to close at RMB 24,900 per tonne. The average price for the same has been recorded at RMB 24,800 per tonne and RMB 25,000 per tonne. For the same day, aluminium alloy (A380) price has reported growth of RMB 400 per tonne to settle at RMB 23,900 per tonne, with average prices likely to stand between RMB 23,800 per tonne and RMB 24,000 per tonne.

Amidst the growth of prices in China, the average alumina spot price has contracted by RMB 62 per tonne to score at RMB 3,020 per tonne. The price in Shandong, Shanxi and Guangxi has reported a fall of RMB 45 per tonne, RMB 50 per tonne and RMB 65 per tonne to come in at RMB 3,000 per tonne, respectively.

In provinces like Henan and Guizhou, the price has gone down by RMB 85 per tonne and RMB 30 per tonne, to score at RMB 3,045 per tonne and RMB 3,020 per tonne. However, in provinces like Lianyungang and Bayuquan, the price has remained unchanged to settle at RMB 3,125 per tonne and RMB 3,250 per tonne.