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01 APRIL 2024 AL CIRCLE

SMM A00 aluminium ingot price skyrockets by RMB600/t M-o-M; Alumina price dips by RMB3/t

EDITED BY : MAYURAKSHI GANGULY 3MINS READ

The Shanghai Metals Market on April 1 showed considerable growth in aluminium prices, with the SMM A00 aluminium ingot price halting at RMB 19,520 per tonne, adding RMB 50 per tonne. The average prices ranged between RMB 19,500 per tonne and RMB 19,540 per tonne.

SMM A00 aluminium ingot price skyrockets by RMB600/t M-o-M; Alumina price dips by RMB3/t  The SMM aluminium price has levitated by RMB 180 per tonne or 0.93 per cent on a Week-on-Week scale from RMB 19,340 per tonne recorded in March 25. If we consider a Month-on-Month scale it can be seen that the aluminium price has risen by RMB 600 per tonne or 3.17 per cent from RMB 18,920 per tonne from RMB 18,920 per tonne on February 1.

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Aluminium prices rose by 0.48 per cent on March 11 due to concerns over sluggish production recovery in China's Yunnan province, which is a significant aluminium-producing region. The uncertainty in supply dynamics contributed to market apprehensions. China's aluminium output in February saw a notable increase of 7.81 per cent year-on-year.

However, the drought situation in Yunnan introduces a level of uncertainty. A Japanese aluminium buyer agreed to a substantial premium of $145 per metric tonne over the benchmark price for shipments from April to June, marking a notable increase of 61 per cent from the current quarter.

The eight main provinces in China have all displayed spikes in aluminium prices, with the highest escalation of RMB 70 per tonne marked in Hangzhou, where the price stood at RMB 19,520 per tonne. In Gongyi and Wuxi, there have been uniform increases of RMB 60 per tonne, with the aluminium prices stopping at RMB 19,420 per tonne and RMB 19,510 per tonne, respectively. In Foshan, Chongqing and Shenyang, the aluminium prices have all augmented by RMB 50 per tonne to step at RMB 19,450 per tonne, RMB 19,470 per tonne and RMB 19,440 per tonne. Lastly, in Tianjin and Linyi, the aluminium prices have soared by RMB 20 per tonne to rest at RMB 19,490 per tonne each.

China's low carbon aluminium price has jumped up the graph by RMB 57 per tonne to officiate at RMB 20,393 per tonne.

The average alumina price in China has stopped at RMB 3,301 per tonne, with a loss of RMB 3 per tonne, and the alumina price in Henan has slumped by RMB 10 per tonne to arrive at RMB 3,325 per tonne.

The aluminium alloy (A356) and aluminium alloy (A360) prices have both collected RMB 50 per tonne to close at RMB 20,100 per tonne and RMB 20,400 per tonne.


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EDITED BY : MAYURAKSHI GANGULY 3MINS READ

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