East China sees steady procurements in spot aluminium market: A00 ingot price shrinks

According to data updated by Shanghai Metal Market, spot aluminium discounts stood firm and thus, traders and downstream consumers in the spot aluminium market made stable procurements in east China on Tuesday, May 22, 2018. SHFE 1806 contract also traded weakly range-bound in the morning.

Transactions in east China stood at RMB 14590 per tonne to RMB 14600 per tonne in Shanghai with discounts settled at RMB 80 to RMB 70 per tonne against the SHFE 1806 contract. In Wuxi and Hangzhou, transactions were mostly heard at RMB 14590 per tonne to RMB 14600 per tonne and RMB 14610 per tonne and RMB 14630 per tonne respectively.

In Guangdong, on the other hand, transactions were mostly heard at RMB 14600 per tonne to RMB 14610 per tonne with Guangdong-Shanghai price spreads at RMB 10 per tonne. With sellers been keen to offload cargoes, the price spreads narrowed. Downstream consumers also made a considerable purchase on rising demand.

However, despite stable procurements in the spot aluminium market in east China on May 22, the average A00 aluminium ingot price could not observe a rise but plunged from RMB 14610 per tonne to RMB 14490 per tonne today on May 23, 2018. The reason was the surplus supply of aluminium ingots in China market. Lowering of the aluminium price in the international market including the London Metal Exchange also contributed to the cause of aluminium ingot price shrink.

The prices are expected to range between RMB 14470 per tonne and RMB 14510 per tonne today May 23, with spot discounts to settle at RMB 90 per tonne to RMB 50 per tonne.

The table below shows today’s spot aluminium ingot price movements (RMB/t) in various markets.

Copyright and Exemption Declaration :¢ÙAll articles, pictures and videos that are marked with "China Aluminum Network" on this website are copyright and belong to China Aluminium Network (www.gjtscc.com). When transshipment, any media, website or individual must list the source from "China Aluminium Network (www.gjtscc.com)". We seek legal actions against anyone that disobey this. ¢ÚArticles that marked as copy from others are for transferring more information to readers, do not represent or endorse their opinions or accuracy and reliability. When other media, website or individuals copy from our website, must keep the source. Anyone that changes the articles' sources will hold the responsibilities for copyright and law problems. We also seek legal actions against anyone that disobey this. ¢ÛIf any articles copied by our website concern the copyright and other problems, please contact us within one week.