On Wednesday, May 17, China’s A00 aluminium ingot price has extended its growth for the third consecutive day by RMB 150 per tonne to settle at RMB 18,390 per tonne. The average prices are expected to range between RMB 18,370 per tonne and RMB 18,410 per tonne. The spot contract price may be traded at a premium price of RMB 100 per tonne to RMB 140 per tonne.
The A00 aluminium ingot price has grown in all eight provinces. As per AL Circle’s outlook report, the demand for primary aluminium is expected to increase very slowly in 2023. The report also stated that lifting the zero-covid restrictions is expected to impact the Chinese market positively, and the demand is likely to recover slowly but steadily.
According to the SMM, the price in Wuxi has hiked by RMB 165 per tonne to halt at RMB 18,415 per tonne. On the same day, the prices in Gongyi and Linyi have grown by RMB 160 per tonne to stand at RMB 18,310 per tonne and RMB 18,440 per tonne. In Hangzhou and Chongqing, the A00 aluminium ingot prices have ascended by RMB 150 per tonne to peg at RMB 18,430 per tonne and RMB 18,290 per tonne. On the same day, Tianjin and Foshan gained RMB 140 per tonne and RMB 120 per tonne to reside at RMB 18,380 per tonne and RMB 18,450 per tonne. In Shenyang, the price has grown by RMB 100 per tonne to reach RMB 18,390 per tonne.
The average alumina spot price, on the other hand, has dropped by RMB 4 per tonne to stand at RMB 2,876 per tonne. According to the Outlook report shared by AL Circle, the alumina prices in the short run are expected to be impacted by the ban on bauxite imports by Indonesia till the companies firm up their supply positions. The prices in Shandong, Guizhou and Guangxi have dipped by RMB 5 per tonne to clock at RMB 2,895 per tonne, RMB 2,830 per tonne and RMB 2,785 per tonne.
The domestic price of low carbon aluminium has expanded by RMB 126 per tonne to score at RMB 19,038 per tonne. The high purity aluminium (99.99%) price and high purity aluminium (99.996%) price have surged by RMB 100 per tonne to halt at RMB 26,000 per tonne and RMB 27,000 per tonne.
Responses
