Restraint at A00 aluminium ingot price for a day follows by a plunge of RMB20/t today; Aluminium alloy(A356) drops by RMB50/t

After remaining restrained last day, followed by a significant decline of RMB 240 per tonne, the A00 aluminium ingot price has recorded a plunge yet again of RMB 20 per tonne, as on March 11, according to Shanghai Metals Market. The ingot price, thus, stands at RMB 12,810 per tonne, as of today. The average prices are expected to range between RMB 12,790 per tonne and RMB 12,830, with spot contract to be traded at a discount price of RMB 50 per tonne to RMB 10 per tonne.

Among all the major Chinese cities, Tianjin has witnessed a drop of RMB 20 per tonne to RMB 12,820 per tonne, while Chongqing, Shenyang, and Gongyi have seen a dip of RMB 10 per tonne to RMB 12,830 per tonne, RMB 12,865 per tonne, and RMB 12,730 per tonne, respectively. Other cities like Wuxi and Linyi, on the other hand, have seen a rise of RMB 10 per tonne and RMB 20 per tonne to respectively stand at RMB 12,820 per tonne and RMB 12,940 per tonne. In Foshan and Hangzhou, however, the A00 aluminium ingot price has remained restrained at RMB 12,810 per tonne and RMB 12,820 per tonne.

Due to the poor demand and weak metal prices, the price of aluminium alloy (A356) has also recorded a plunge today of RMB 50 per tonne to come in at RMB 13,500 per tonne. The average prices are expected to range between RMB 13,450 per tonne and RMB 13,550 per tonne.

The reduced usage of aluminium alloys due to the dip in car production in China is also a reason for the incessant drops in prices. According to the SMM survey, only 12,000 NEVs produced in China obtained qualification certificates in February, down 77.4% from a year ago.

However, the prices of aluminium alloys (ADC12) and aluminium alloy (A380) have recorded no change today from RMB 14,700 per tonne and RMB 15,600 per tonne, respectively.