Today, spot primary aluminium rose by RMB 140 per tonne compared to the previous trading day, with SMM A00 spot price closing at RMB 20,340 per tonne. Aluminium scrap market quotations mainly followed the upward trend.
In the short term, the fundamentals remain tight on the supply side, and reverse substitution of primary aluminium persists. Currently, suppliers are gradually entering the Chinese New Year holiday, reducing their enthusiasm for shipments.
Today, baled UBC aluminium scrap was quoted at RMB 14,850-15,700 per tonne (excluding tax), and shredded aluminium tense scrap was quoted at RMB 16,350-17,850 per tonne (liquid aluminium, excluding tax).
As the Chinese New Year holiday approaches, traders are showing reluctance to sell, and some small factories are gradually shutting down for the holiday, tightening market supply. Overall transactions were moderate. In the short term, the price difference between primary metal and scrap is expected to fluctuate rangebound.
Source: SMM
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