China’s SMM aluminium ingot price mounts by RMB70/t and low carbon aluminium price shoots RMB140/t up

According to Shanghai Metal Market, the aluminium spot price in China has gone up the graph by RMB 70 per tonne, officially closing at RMB 18,570 per tonne today, June 28. The average aluminium price trends are between RMB 18,550 per tonne and RMB 18,590 per tonne.

Aluminium prices rose by 1.41% to 198.3 due to slow production resumption in some regions. Heavy rainfall in Yunnan delayed production resumption until mid to late July. Domestic inventory is decreasing while LME inventory remains stable, leading to a boost in aluminium prices. S&P Global lowered its 2023 GDP growth forecast for China due to weak confidence and a cloud over the property market. Open interest dropped by -10.81% to settle at 3513 while prices rose 2.75 rupees, with support at 197.1 and resistance likely at 199.3.

The eight major provinces in China have all seen escalating prices today, with the aluminium spot price rising the highest in Foshan by RMB 140 per tonne, officially closing at RMB 18,730 per tonne. In Gongyi, Wuxi and Hangzhou, there has been a uniform surge of RMB 70 per tonne in aluminium prices, wherein the first one recorded RMB 18,370 per tonne, the second marked RMB 18,570 per tonne and RMB 18,570 per tonne. In Chongqing, the aluminium price has grown by RMB 50 per tonne, stopping at RMB 18,570 per tonne. The aluminium price in Tianjin has gained RMB 20 per tonne, resting at RMB 18,570 per tonne. Only in Shenyang and Linyi the aluminium prices have not changed at all, remaining stoic at RMB 18,500 per tonne and RMB 18,470 per tonne, respectively.

The domestic price of low-carbon aluminium has skyrocketed by RMB 140 per tonne, officially closing at RMB 19,327 per tonne.

The high-purity aluminium (99.99%) price and high-purity aluminium (99.996%) price have both marked an influx of RMB 100 per tonne, closing at RMB 26,000 per tonne and RMB 27,000 per tonne, respectively.

The price of aluminium alloy (A356) and aluminium alloy (A360) have both moved up by RMB 50 per tonne to reside at RMB 19,250 per tonne and RMB 19,600 per tonne.

The price of aluminium powder in China has soared by RMB 0.10 per kg, ultimately settling down at RMB 20.30 per kg, with the average prices ranging between RMB 20.20 per tonne and RMB 20.40 per tonne.