The Shanghai Metals Market has witnessed a rise of RMB 40 per tonne today, closing at RMB 21,070 per tonne, with the average prices hovering between RMB 21,050 per tonne and RMB 21,090 per tonne. On a week-on-week scale, there has been a drop of RMB 20 per tonne from RMB 21,090 per tonne recorded on May 22.
The eight main provinces in China have all seen a slight increase in aluminium prices, with the highest spike of RMB 110 per tonne marked in Tianjin, where the aluminium price stood at RMB 21,060 per tonne. In Wuxi and Shenyang, the aluminium prices have added RMB 60 per tonne each to officially close at RMB 21,070 per tonne and RMB 20,990 per tonne, respectively. The aluminium prices in Gongyi and Linyi have both gained RMB 50 per tonne to stop at RMB 20,970 per tonne and RMB 21,060 per tonne, respectively. In Hangzhou, the aluminium price has ascended by RMB 40 per tonne to settle at RMB 21,060 per tonne, while the aluminium price in Chongqing has added RMB 30 per tonne to officiate at RMB 21,000 per tonne. Lastly, in Foshan, the aluminium price has gathered RMB 10 per tonne to halt at RMB 20,970 per tonne.
Global aluminium market scenario
Aluminium prices rose by 1.84 per cent to 246.65, driven by higher alumina costs and strong demand. Rio Tinto's force majeure on Australian alumina due to gas shortages and potential hydroelectric power issues in China's Yunnan province exacerbated supply concerns. Changes in aluminium stocks, particularly in Port Klang, Malaysia, reflected adjustments to new contract rules following sanctions on Russian aluminium. Despite these supply worries, global aluminium output increased by 3.3 per cent in April, with China's imports of unwrought aluminium surging by 72.1 per cent year-on-year. The market showed fresh buying momentum, with increased open interest and specific support and resistance levels noted.
Other commodity prices in China
China’s low-carbon aluminium price has soared by RMB 109 per tonne to officially close at RMB 22,098 per tonne.
The prices of high-purity aluminium (99.99%) and high-purity aluminium (99.996%) have both heightened by RMB 100 per tonne to close at RMB 28,500 per tonne and RMB 29,500 per tonne.
The CIF index of imported bauxite has scored US$0.49 per tonne to arrive at RMB US$72.01 per tonne, while Guinea Bauxite CIF has hauled US$1 per tonne to reach US$72 per tonne. The Ghana Bauxite CIF price has added US$2 per tonne to close at US$84 per tonne.
The Australian alumina FOB price has levitated by US$23 per tonne to officially close at US$450 per tonne.
The aluminium alloy (A356) price has inched up by RMB 50 per tonne to close at RMB 21,600 per tonne.
China’s aluminium powder price has increased by RMB 0.10 per kg to settle down at RMB 23.80 per kg, with the average prices ranging between RMB 23.70 per kg and RMB 23.90 per kg.
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