SMM A00 auminium ingot price levitates by RMB1210/t M-o-M; High purity aluminium price gains RMB100/t

Today, the Shanghai Metals Market has seen an uptrend in aluminium prices, with the SMM A00 aluminium ingot price halting at RMB 20,300 per tonne, augmenting by RMB 120 per tonne. 

On a Month-on-Month scale, there has been an increase of RMB 1,210 per tonne or 6.34 per cent from RMB 19,090 per tonne recorded on March 11. If we consider the first quarter of this year, there has been a similar spike of RMB 1,200 per tonne or 6.28 per cent Quarter-on-Quarter from RMB 19,100 per tonne registered on January 11. 

Market trend disclosed 

The current Consumer Price Index (CPI) figures for March in the US have surpassed initial projections, prompting a reassessment of market anticipations regarding a potential Fed rate adjustment in June. Concurrently, there's a gradual rebound in domestic aluminium production capacity within China, coupled with an uptick in downstream operational rates. 

Nevertheless, the persistent elevation of prices might dampen enthusiasm for downstream procurement, leading to sustained spot discounts. The sustained high levels of aluminium prices are primarily attributed to mounting optimism surrounding the US economic resurgence and favourable market fundamentals. It's imperative for China to carefully consider the ramifications of these elevated prices on downstream procurement dynamics and the destocking of aluminium ingots.

Eight central provinces in China with ascending aluminium prices 

The aluminium price in Gongyi experienced the highest elevation of RMB 150 per tonne to officiate at RMB 20,250 per tonne, followed by RMB 140 per tonne rise in Wuxi, where the aluminium price closed at RMB 20,200 per tonne. In Hangzhou, the aluminium price has soared by RMB 120 per tonne to settle at RMB 20,180 per tonne. The aluminium prices in Foshan and Chongqing have both gained RMB 100 per tonne to halt at RMB 20,320 per tonne and RMB 20,130 per tonne, respectively. 

In Shenyang, the aluminium price has grown by RMB 90 per tonne to reach RMB 20,100 per tonne, while the aluminium prices in Tianjin and Linyi have added RMB 70 per tonne to arrive at RMB 20,130 per tonne each. 

Other commodity prices 

China's low carbon aluminium price has gathered RMB 79 per tonne to close at RMB 21,218 per tonne. 

High-purity aluminium (99.99%) price and high-purity aluminium (99.996%) price in China have both secured RMB 100 per tonne to park at RMB 27,700 per tonne and RMB 28,700 per tonne. 

China's aluminium alloy (A356) price and aluminium alloy (A360) price have increased by RMB 150 per tonne and RMB 100 per tonne, respectively, with the first closing at RMB 20,900 per tonne and the second at RMB 21,200 per tonne.