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23 OCTOBER 2018 AL CIRCLE

Spot aluminium discounts in Shanghai stand narrow; A00 ingot price plunges again

EDITED BY : HEENA IQBAL 2MINS READ

According to the Shanghai Metals Market report, spot aluminium discounts narrowed across the Shanghai market on the first trading day of the week as future prices fell in the morning trading hours.

The SHFE contract for November delivery initially fell before it climbed in the morning trading hours. Spot discounts in Shanghai were heard at RMB50-70 per tonne against the SHFE 1811 contract, compared with RMB90-70 per tonne on Friday morning.

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Most transactions in Shanghai and Wuxi occurred at RMB14,100-14,120 per tonne and that in Hangzhou at RMB14,130-14,140 per tonne.

Transactions in Guangdong were heard at RMB14,110-14,130 per tonne, with Guangdong-Shanghai spreads narrowing to RMB10-20 per tonne from RMB20-30 per tonne on Friday morning.

Processing fees for billet in Guangdong were heard at RMB360-400 per tonne for 90 mm, RMB340-380 per toone for 100/110/127 mm and RMB340-380 per tonne for 120/150/152/178 mm.

In another update from SMM, the average A00 aluminium ingot spot price declined on Tuesday, October 23, 2018, after a hike on the previous day. A00 aluminium ingot price in China dropped RMB 10 per tonne to RMB 14110 per tonne. The average prices today are expected to range between RMB 14090 per tonne and RMB 14130 per tonne, with spot discounts to settle at RMB 60 to RMB 20 per tonne.

In the east market, the aluminium ingot prices remained unchanged at RMB 14110 per tonne. The price is expected to range between RMB 14100 per tonne and RMB 14120 per tonne.

In the south and north, the prices plunged by RMB 10  per tonne and RMB 60 per tonne to stand at RMB 14130 per tonne and RMB 14110 per tonne, respectively. In south, the price is expected to range between RMB 14110 per tonne and RMB 14150 per tonne; in north, the price is expected to range between RMB 14100 per tonne and RMB 14120 per tonne.


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EDITED BY : HEENA IQBAL 2MINS READ

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