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07 MARCH 2020 AL CIRCLE

Weekly update: A00 aluminium price saw mixed performance over the week; alumina price remained flat

EDITED BY : HEENA IQBAL 2MINS READ

The price of A00 aluminium ingot in China witnessed fluctuations over the week. The week started with a decline of RMB 120 per tonne or 0.91 per cent from Friday, February 28.   The price on Monday stood RMB 13050 per tonne. But the week ended higher at RMB 13070 per tonne on Friday, March 6, up RMB 10 per tonne from Thursday.

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According to Shanghai Metals Market, the social inventories of primary aluminium in China rose this week, as demand recovered slowly amid the ongoing coronavirus outbreak.

The inventories across the eight major consumption areas, including SHFE warrants, stood at 1.488 million tonnes, an increase of 103,000 tonnes from February 27. Primary aluminium stocks in Wuxi and Nanhai climbed 35,000 tonnes and 48,000 tonnes from February 27 to stand at 562,000 tonnes and 374,000 tonnes. The current status of primary aluminium inventories across China is given in the chart below:

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As far as raw material is concerned, the average spot price of alumina started the week higher at RMB 2574 per tonne on Monday, March 2, up RMB 9 per tonne from Friday. The price remained unchanged in the last four days of the week. 

Shandong Weiqiao Group, the top aluminium producer in China raised the benchmark purchasing price of prebaked anode for the second month in a row. For March 2020, the company hiked the benchmark purchasing price by RMB 210 per tonne to RMB 2,830 per tonne in cash. The benchmark price by acceptance was set at RMB 2,865 per tonne.

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The prebaked anode price in the east recorded an increase of RMB 210 per tonne to RMB 3,000 per tonne on March 2. In the central, southwest, and northwest markets, the prebaked anode price stood at RMB 3,060 per tonne, RMB 3,370 per tonne and RMB 3,600 per tonne.

Other raw materials like Bauxite (6.0≤Al/Si<7.0)Shanxi and Australian Alumina FOB Price are currently hovering at RMB 560 per tonne and USD 301 per tonne.


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EDITED BY : HEENA IQBAL 2MINS READ

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