SMM aluminium ingot price shrinks further by RMB140/t as estimated domestic production grows

On Monday, January 8, China's A00 aluminium ingot price has lost RMB 140 per tonne to settle at RMB 19,160 per tonne, with the spot contract price expected to be traded at a discount price of RMB 20 to a premium price of RMB 20 per tonne. The average prices are expected to be traded between RMB 19,140 per tonne and RMB 19,180 per tonne.

As per the information, the drop was influenced by China's aluminium production in December 2023, which is anticipated to be around 3.6 million tonnes. This reflects a notable 2.1 per cent upswing from the preceding month and a substantial 3.5 per cent growth compared to the same month in the previous year. Projections for 2023 suggest a robust annual production of 41.5 million tons, signifying a significant 3.6 per cent year-on-year expansion.

SMM aluminium ingot price in other provinces

As per the Shanghai Metals Market (SMM) data, the price in Chongqing has slumped by RMB 160 per tonne to peg at RMB 19,140 per tonne. The prices in Hangzhou and Shenyang have descended from RMB 140 per tonne to peg at RMB 19,160 per tonne and RMB 19,130 per tonne. On the same day in Wuxi, the domestic aluminium ingot price dropped by RMB 150 per tonne to clock at RMB 19,160 per tonne. In Tianjin and Linyi the A00 aluminium ingot prices fell by RMB 130 per tonne to peg at RMB 19,200 per tonne and RMB 19,210 per tonne. In Gongyi and Foshan, the prices have decreased by RMB 120 per tonne to reach RMB 19,080 per tonne and RMB 19,200 per tonne.

Alumina price continues to grow

As per the Shanghai Metals Market (SMM) data, the average alumina spot price in China has, on the other hand, gained RMB 18 per tonne to settle at RMB 3,310 per tonne. The average alumina spot price in Guangxi has added RMB 30 per tonne to settle at RMB 3,330 per tonne. On the same day, the prices in Shandong, Henan and Guizhou have expanded by RMB 20 per tonne to arrive at RMB 3,175 per tonne, RMB 3,350 per tonne and RMB 3,300 per tonne. In Shanxi, the alumina price has hiked by RMB 15 per tonne to rest at RMB 3,360 per tonne.

The domestic price of low-carbon aluminium has slipped by RMB 127 per tonne to settle at RMB 19,963 per tonne. The high-purity aluminium (99.99%) price and high-purity aluminium (99.996%) price have contracted by RMB 100 per tonne to halt at RMB 26,900 per tonne and RMB 27,900 per tonne.

The aluminium powder price has inched down by RMB 0.1 per kg to peg at RMB 21.8 per kg, with the average prices standing between RMB 21.7 per kg and RMB 21.9 per kg. The price of aluminium alloy (A356) has dropped by RMB 150 per tonne to peg at RMB 19,800 per tonne, with the average prices expected to range between RMB 19,600 per tonne and RMB 20,000 per tonne.

On the same day, the price of aluminium alloys (ADC12) and aluminium alloy (A380) have dropped by RMB 100 per tonne to come in at RMB 20,150 per tonne and RMB 21,150 per tonne. For (ADC12) the average prices may stand between RMB 20,050 per tonne and RMB 20,250 per tonne. On the same day, for (A380) the average price is expected to range between RMB 21,050 per tonne and RMB 21,250 per tonne.