Weiqiao cuts prebaked anode purchasing price by RMB170/t after two consecutive hikes
After raising the benchmark for two consecutive months, Shandong Weiqiao Group, the top aluminium producer in China, has cut its benchmark purchasing price for prebaked anode. For April 2020, the company has reduced the benchmark purchasing price by RMB 170 per tonne to RMB 2,660 per tonne in cash.
The decrease in price is due to a plunge in prices of petroleum coke, a raw material for anodes, according to Shanghai Metals Market.
The prebaked anode price in the Central has recorded a drop of RMB 170 per tonne to RMB 2,890 per tonne on April 1, after remaining flat at RMB 3,060 per tonne since March 2. The price is likely to move within a range of RMB 2,710- 3,070 per tonne.
The markets in the southwest and northwest China have also witnessed a decrease of RMB 170 per tonne each to RMB 3,200 per tonne and RMB 3,430 per tonne. Their prices are likely to move within a range of RMB 3,030- 3,370 per tonne and RMB 3,330- 3,530 per tonne.
In the east, the prebaked anode price remains unchanged at RMB 2,830 per tonne as of Wednesday, 01 April 2020. The price is likely to range at RMB 2,660- 3,000 per tonne.
Three-month LME aluminium fell to its lowest since April 2016; SHFE aluminium added 0.13%
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