The average spot price of alumina continued to inch higher over the week. After remaining flat on Friday, the price rose by RMB 6 per tonne and RMB 4 per tonne to RMB 2467 per tonne and RMB 2471 per tonne on February 10 and February 11. The alumina price on Thursday stood RMB 4per tonne higher at RMB 2480 per tonne. The price did not show any movement on Friday.
Other raw materials like Bauxite (6.0≤Al/Si＜7.0)Shanxi, Australian Alumina FOB Price and Prebaked Anode East are currently hovering at RMB 560 per tonne, USD 285 per tonne and RMB 2790 per tonne as of Friday, February 14.
A00 aluminium ingot price started the week with an increase of RMB 40 per tonne on Monday, February 10. The price performed higher at RMB 13600 per tonne and RMB 13740 per tonne on Monday and Tuesday. But the price dropped on February 12, February 13 and February 14. The week ended lower at RMB13590 per tonne on Friday.
According to Shanghai Metals Market, the social inventories of primary aluminium in China rose for the second consecutive week after the Chinese New Year Holiday. The increase was due to higher arrival of shipments by rail and subdued demand amid the ongoing coronavirus outbreak.
The inventories across the eight major consumption areas, including SHFE warrants, are standing at 1.09 million tonnes after increasing by about 148,000 tonnes over the week. The chart below shows the current status of primary aluminium inventories across China in more details:
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