A00 aluminium ingot price in China further surges by RMB440/t on improved buying sentiment

A00 aluminium ingot price in China has surged for the second day in a row by RMB 440 per tonne to close the week on Friday, March 18, at RMB 22,520 per tonne, found the Shanghai Metals Market. Recovery in the downstream purchase, resulting in the fall in primary aluminium inventories this week, could be attributed to the continued rise in ingot price. The average prices are expected to range between RMB 22,500 per tonne and RMB 22,540 per tonne, with spot contract to be traded at a premium price of RMB 60-20 per tonne.

In Tianjin, A00 aluminium ingot price has hiked by RMB 490 per tonne to stand at RMB 22,620 per tonne, followed by the increase of RMB 445 per tonne in Hangzhou to RMB 22,525 per tonne and RMB 440 per tonne in Wuxi and Shenyang to settle at RMB 22,515 per tonne and RMB 22,490 per tonne. In Foshan and Chongqing, primary aluminium ingot price has moved up by RMB 420 per tonne to 23,143 per tonne and RMB 22,440 per tonne, while the price in Linyi has grown by RMB 240 per tonne to RMB 22,420 per tonne.

Improved buying sentiment in the downstream market has also lifted aluminium alloy (A356) price by RMB 400 per tonne to RMB 23,950 per tonne as of March 18. The average prices are estimated to range between RMB 23,900 per tonne and RMB 24,000 per tonne, learned SMM.

Aluminium alloys (ADC12) price and aluminium alloy (A380) price have expanded by RMB 200 per tonne to come in at RMB 22,500 per tonne and RMB 23,500 per tonne, respectively.

Primary aluminium input costs have mostly remained restrained except for aluminium powder price, which has inched up by RMB 0.40 per kg to settle at RMB 24.3 per kg, with average prices likely to range between RMB 24.2-24.4 per kg.