China’s domestic average alumina spot price has resumed from the Labour Day holiday from May 1 to 5 with a hike of RMB 50 per tonne. The tightening supply and improving demand have continued to boost the alumina price, marking the eighth consecutive day of rise. According to the Shanghai Metals Market, the domestic alumina price as of May 6 has come in at RMB 3,501 per tonne.
In Lianyungang, alumina spot price has skyrocketed by RMB 105 per tonne to reach RMB 3,520 per tonne, followed by the surge of RMB 50 per tonne in Shandong, Henan, Shanxi, and Bayuquan. In Shandong and Bayuquan, the alumina price is standing at RMB 3,470 per tonne and RMB 3,570 per tonne, while the price in Henan and Shanxi at RMB 3,490 per tonne.
If compared to a month ago, China’s domestic alumina spot price has recorded an increase of RMB 204 per tonne or 6.19 per cent from RMB 3,297 per tonne. This significant jump in prices is driven by slow production resumptions at local alumina refineries as well as bauxite mines.
The Australian alumina FOB price has also grown over the holiday to stand at US$402 per tonne. According to SMM, the price gained US$2 per tonne from a week ago and US$29 per tonne from a month earlier.
The domestic A00 aluminium ingot price, on the other hand, has grown at a much lower rate than the alumina prices on May 6. According to SMM, the aluminium ingot price has increased by RMB 10 per tonne to stand at RMB 20,540 per tonne, with average prices to range between RMB 20,520 per tonne and RMB 20,560 per tonne. The spot contract is likely to be traded at a discount price of RMB 80-40 per tonne.
Only in Tianjin, the ingot price has seen a high growth rate of RMB 100 per tonne to RMB 20,580 per tonne, while the price in other provinces like Wuxi and Chongqing has expanded by RMB 30 per tonne to RMB 20,540 per tonne and RMB 20,490 per tonne, respectively.
China’s domestic low-carbon aluminium price has heightened by RMB 30 per tonne over the holiday to stand at RMB 21,516 per tonne. On a month-on-month basis, the price is 2.45 per cent higher than RMB 21,002 per tonne.
Aluminium alloy prices have unanimously recorded no change throughout China on May 6, 2024. Aluminium alloys (ADC12) price has remained restrained at RMB 20,700 per tonne, aluminium alloy (A360) price at RMB 21,350 per tonne, and aluminium alloy (A356) price at RMB 21,100 per tonne.
Responses
