China's A00 Aluminium ingot market initiated the week with a decline of RMB 50/t with stable raw material prices

According to the Shanghai Metal Market survey (SMM), as of 9th August 2024, the week initiated a reduction in China’s A00 aluminium ingot price by RMB 50 per tonne. Today, the average aluminium price settled at RMB 19,160 per tonne, with the spot contract price likely to be traded at a discount price of RMB 20 per tonne to a premium price of RMB 20 per tonne. The average price of A00 aluminium ingot is hovering between RMB 19,140 per tonne to RMB 19,180 per tonne.

The price of low-carbon aluminium has also dwindled by 53 per tonne, now standing at RMB 20,029 per tonne. High-purity aluminium (99.99%) and (99.996%) have also seen a downfall in price by RMB 100 per tonne, sticking at RMB 26,200 per tonne and RMB 27,200 per tonne, respectively.

Region-wise analysis:

The average price of aluminium ingot also experienced an overall downward trend across all provinces of China except Linyi province, where the average price remains unchanged at RMB 19,240 per tonne. The price has mostly decreased by RMB 60 per tonne in Foshan to arrive at RMB19,060 per tonne. In provinces like Chongqing, Shenyang and Tianjin, the domestic aluminium ingot prices have slumped by RMB 50 per tonne, arriving at RMB 19,160 per tonne and RMB 19,210 per tonne. In Gongyi, Wuxi, and Hangzhou, the A00 aluminium ingot prices have dipped by RMB 20 per tonne and RMB 40 per tonne to clock at RMB 19,230 per tonne, RMB 19,170 per tonne and RMB 19,180 per tonne.

Other prices:

After more or less two weeks, the prices of raw materials like imported and domestic bauxite have seen no change, standing at US$ 76.61 per tonne for imported bauxite and RMB 640 per tonne for domestic bauxite. Alumina price stands at RMB 3,938 per tonne, no change from the previous day.

Aluminium alloy ingot:

The price of aluminium alloys ingot (ADC12) has curtailed by RMB 100 per tonne only in southwest region, standing at RMB 20,000 per tonne, ranging between RMB 19,950 per tonne to RMB 20,300 per tonne. The price remained the same in the southwest and northeast regions at RMB 20,300 per tonne and RMB 20,100 per tonne, respectively. Otherwise, the average price remains unchanged in the east, south and northeast regions.  Aluminium alloy ingot (A360) and alloy (A356) is also following the trend of degradation by RMB 50 per tonne to clock at RMB 19,850 per tonne and 19,600 per tonne, fluctuating between RMB 19,750 per tonne to RMB 19,950 per tonne and RMB 19,400 per tonne to RMB 19,800 per tonne.

Market analysis:

The market for A00 aluminium ingot experienced negative market sentiment for four consecutive days, but according to market analysis, the price may increase in the near future.

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