Weekly update: Aluminium ingot price in China ended the week higher; Alumina price performed higher

SMM aluminium ingot price started the week with a decrease of RMB 110 per tonne on Monday, 24 May 2021 to RMB 18,340 per tonne. The price increased on Tuesday and Wednesday to stand at RMB 18370 per tonne and RMB 18390 per tonne, up by RMB 30 per tonne and RMB 20 per tonne. The aluminium price closed the week higher at RMB 18820 per tonne on Friday, 28 May 2021, a jump of RMB 450 per tonne from Thursday. It is likely to trade between RMB 18800- 18840 per tonne.

According to the Shanghai Metals Market, social inventories of primary aluminium have decreased by 58,000 tonnes or 5.69 per cent across eight major consumption areas in China, including SHFE warrants, to come in at 962,000 tonnes as of Thursday, May 27.

The alumina price in China stood higher by RMB 18 per tonne to stand at RMB 2449 per tonne on Monday, May 24 2021. The price on Thursday increased by RMB 13 per tonne to RMB 2462 per tonne after remaining flat on Tuesday and Wednesday. The price did not show any movement on Friday, 28 May 2021.

Other raw materials like Bauxite (6.0≤Al/Si＜7.0)Shanxi, Australian Alumina FOB Price, Prebaked Anode Central, and Al Fluoride are hovering at RMB 540 per tonne, USD 276 per tonne, RMB 4220 per tonne and RMB 7600 per tonne as of Friday, 28 May 2021.