Aluminium stock prices soaring high, so as average A00 aluminium ingot: SMM learned
Amid soaring aluminium prices across the globe, aluminium companies in China are indeed savouring propitious time as their stock prices reach the highest level. Shanghai Metal Market learned early this morning 19th of April, 2018 that the stock prices of Aluminium Corporation of China (Chalco) climbed 6 per cent to hit the highest level of 4.96 yuan per share in last one month.
On the event of US sanctions against Russian aluminium companies including the aluminium giant Rusal, as well as, Glencore’s and Rio’s decision to declare force majeure on Russia-linked contracts have jointly triggered the price surge of both aluminium and alumina globally. According to Shanghai Metal Market, China too is witnessing a price hike, as the price of average A00 aluminium ingot surged remarkably from RMB 14720 per tonne to RMB 15070 per tonne on April 19, after remaining flat for a day. The prices are expected to range between RMB 15050 and RMB 15090 per tonne, with spot discounts to settle at RMB 90 to RMB 50 per tonne. In fact, the growth in prices across all the Chinese markets is noteworthy as it ranges from RMB 20 to RMB 350 per tonne.
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While in East, the aluminium ingot price hiked from RMB 14715 per tonne to RMB 15110 per tonne, in South and North, it jumped from RMB 14720 to RMB 15125 and from RMB 14730 to RMB 15085 per tonne respectively. To say the truth, the prices of ingot in these major Chinese markets saw a rise, however little it is, even when the overall average price remained flat on the previous day.
On the other hand, according to SMM, alumina has also seen a jump on 19th of April, 2018 from RMB 2863 per tonne to RMB 2916 per tonne, against a growth from RMB 2828 to RMB 2863 per tonne on April 18, 2018. In East, the price jumped from RMB 2880 to RMB 2930 per tonne; in Central, North and South, it grew from RMB 2870 to RMB 2930 per tonne, from RMB 2870 to RMB 2930 per tonne, and from RMB 2820 to RMB 2835 per tonne respectively.
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