SMM A00 aluminium ingot price surges by RMB200/t amid China’s market support pledge

SMM

As of 1st August, the Shanghai Metal Market (SMM) China’s A00 aluminium ingot price initiated the month with an average price of RMB 19,170 per tonne. Compared to the previous day, the price has skyrocketed by RMB 200 per tonne after China’s leaders pledged increased support measures to stabilise market confidence during a Politburo meeting. This pledge came despite data showing slight contractions in manufacturing activity and slowed growth in the services sector for July. The average price hovers between RMB 19,150 per tonne to RMB 19,190 per tonne.

SMM A00 aluminium ingot price surges by RMB200/t amid China’s market support pledge

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Although the price significantly declined by RMB 940 per tonne from RMB 20,110 per tonne in the previous month, this month has started on a positive note. The spot contract is likely to be traded at a discount price of RMB 80 per tonne to RMB 40 per tonne, with an average of RMB 60 per tonne.

Region-wise analysis:

The A00 aluminium ingot price has elevated across all the regions of China with the highest price-rise in Foshan by RMB 230 per tonne to clock at RMB 19,080 per tonne. In Gongyi and Hangzhou, the price has surged by RMB 200 per tonne to settle at RMB 19,040 per tonne and RMB 19,170 per tonne. In regions like Wuxi, Chongqing and Shenyang, the price has gained RMB 190 per tonne, RMB 180 per tonne and RMB 160 per tonne to peg at RMB 19,160 per tonne and RMB 19,120 per tonne. The price settled at RMB 19,150 per tonne in Tianjin and Linyi after ascending by RMB 150 per tonne.

Low carbon aluminium price has also been escalated by RMB 229 per tonne to secure at RMB 20,028 per tonne. High purity aluminium (99.99%) and high purity aluminium (99.996%) price has surged notably by RMB 200 per tonne, fluctuating from RMB 26,000 per tonne to RMB 26,900 per tonne and from RMB 27,000 per tonne to RMB 27,900 per tonne respectively. The prices stood at RMB 26,450 per tonne for (99.99%) and RMB 27,450 per tonne for (99.996%).

Other prices:

For the past several weeks, the price of raw materials like bauxite has remained the same, USD 75.01 per tonne, across all regions. The average price of alumina has also remained the same, RMB 3,904 per tonne. Exceptionally, the Australian alumina FOB price has increased by US$2 per tonne to US$480 per tonne.

Aluminium alloy ingot:

The price of Aluminium alloys ingot (ADC12) has risen by RMB 100 per tonne across all regions. This adjustment brings the average price in the East and South regions to RMB 19,600 per tonne. Meanwhile, the Southwest region now sees an average price of RMB 19,800 per tonne, and the Northeast region has an average price of RMB 19,500 per tonne. This consistent increase reflects a significant uplift across the entire market. The price of aluminium alloy (A356) and aluminium alloy (A360) has surged by RMB 200 per tonne, settling at RMB 19,650 per tonne and RMB 19,950 per tonne. Aluminium alloy ingot (A380) price has also been soared by RMB 100 per tonne to peg at RMB 20,600 per tonne.

Market analysis:

In summary, the total social inventory of aluminium ingots decreased by 7,000 tonnes W-o-W to 790,000 tonnes. Also, the Third Plenum of the Communist Party of China announced systematic reforms expected to stabilise market confidence further. These factors collectively contributed to the rise in aluminium ingot prices.

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