Average alumina spot price declines for the second consecutive day to RMB2346/t; A00 aluminium ingot price remains muted

Average alumina spot price in China has recorded a plunge from RMB 2,354 per tonne to RMB 2,346 per tonne, as of Tuesday, September 8, found the Shanghai Metals Market. This marks the second consecutive day of decline following a week-long restraint at RMB 2,360 per tonne during August 28-September 4.

Among the major Chinese cities, Henan and Shanxi have witnessed a drop today in average alumina spot price of RMB 10 per tonne to stand at RMB 2,350 per tonne and RMB 2,340 per tonne, respectively. In Shandong, alumina spot price has remained restrained at RMB 2,335 per tonne, and so in Guizhou and Guangxi at RMB 2,355 per tonne.

Imported alumina price has remained muted today after a downfall on the previous day from RMB 2,415 per tonne to RMB 2,375 per tonne. Australian alumina FOB price has neither shown any change from US$ 278 per tonne.

However, amidst the decline in average alumina spot price, A00 aluminium ingot price has remained unchanged at RMB 14,720 per tonne on September 8, following a jump of RMB 250 per tonne on September 7, learned SMM. The average prices are expected to continue to range between RMB 14,700 per tonne and RMB 14,740 per tonne, with spot contract to be traded at a premium price of RMB 80-120 per tonne.

But the restraint in primary aluminium ingot price has not touched upon the major Chinese cities. They have rather seen plunges and even growth, such as Foshan, where A00 aluminium ingot price has recorded a hike of RMB 20 per tonne to stand at 14,840 per tonne. In other cities like Wuxi, Hangzhou, and Gongyi, the aluminium ingot price has dwindled by RMB 40 per tonne to come in at RMB 14,700 per tonne and RMB 14,640 per tonne, respectively.

Witnessing the highest growth, the price in Chongqing has seen a decline of RMB 95 per tonne to RMB 14,710 per tonne. In Shenyang and Tianjin, A00 aluminium ingot price has decreased by RMB 45 per tonne and RMB 30 per tonne to RMB 14,690 per tonne and RMB 14,680 per tonne, respectively, while that in Linyi has inched down by RMB 20 per tonne to RMB 14,710 per tonne.

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