It's a new week but not a new beginning! Both alumina and primary aluminium prices have continued to decline over the weekend, albeit at a lower rate than the previous day. According to the Shanghai Metals Market survey, the average alumina spot price has decreased by RMB 6 per tonne, compared to a downfall of RMB 7 per tonne on Friday, December 27. Therefore, the price on Monday, December 30, has come in at RMB 5,712 per tonne versus RMB 5,718 per tonne on December 27.
Among the provinces, Lianyungang and Bayuquan have witnessed a sharp fall of RMB 50 per tonne to RMB 6,000 per tonne, and the prices in Shanxi and Henan have registered declines of RMB 15 per tonne and RMB 10 per tonne to average RMB 5,710 per tonne and RMB 5,670 per tonne, respectively. However, alumina prices have remained restrained in other provinces like Shandong, Guizhou, and Guangxi. The imported alumina price from Australia has also continued at US$670 per tonne.
The back-to-back declines in the average alumina spot price reflect an ongoing subdued demand in the domestic market due to the shutdown of many smelters for environmental protection in the winter heating season. On account of the traditional off-season causing demand lean demand from the downstream market, China's domestic A00 aluminium ingot price has decreased by RMB 30 per tonne, following a downfall of RMB 90 per tonne on December 27. Therefore, the SMM A00 aluminium ingot price has come in at RMB 19,700 per tonne, with average prices ranging between RMB 19,680-19,720 per tonne. The provincial prices have also dwindled over the weekend by RMB 80 to 40 per tonne, hovering below RMB 20,000 per tonne.
Only the domestic low-carbon aluminium price is standing above RMB 20,000 per tonne, despite a fall of RMB 31 per tonne over the weekend.
On the other hand, the domestic bauxite price has surprised the market with an increase of RMB 20 per tonne. In both Shanxi and Henan, bauxite (6.0≤Al/Si＜7.0) price has experienced a loss of RMB 20 per tonne to RMB 700 per tonne and RMB 660 per tonne, respectively.
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