Sellers show restraint in spot aluminium market in East China: A00 aluminium ingot price dips

According to the update by Shanghai Metal Market, sellers in the spot aluminium market in East China showed reluctance in offloading their cargoes on Tuesday, May 29, 2018. Supply was, therefore, down from the previous day and spot discounts slightly narrowed.

The SHFE 1806 contract fell as low as RMB 14, 660 per tonne on Tuesday morning, while on Monday morning, May 28, it hovered at RMB 14775 per tonne.

In Shanghai, transactions were seen at RMB 14640-14650 per tonne with spot discounts settled at RMB 60 to 50 per tonne to the SHFE 1806 contract, compared to the transactions at RMB 14680-14690 per tonne with discounts of RMB 70 to 60 per tonne on the previous day (May 28, 2018). Transactions in Wuxi and Hangzhou also plunged from RMB 14680-14690 per tonne to RMB 14640-14650 per tonne and from RMB 14700-14720 per tonne to RMB 14660-14680 per tonne respectively. Downstream consumers in East China purchased on demand.

In effect, A00 aluminium ingot spot price in east China plunged on 29th of May, from RMB 14685 per tonne to RMB 14645 per tonne, followed by a further decline to RMB 14585 per tonne on May 30, 2018.

The average A00 aluminium ingot spot price in overall China market also declined today on May 30, from RMB 14650 per tonne, as on May 29, to RMB 14590 per tonne, according to SMM. The prices are expected to range within RMB 14,570 to RMB 14,610 per tonne, with spot discounts to settle at RMB 70 to 30 per tonne.

In Guangdong, on the other hand, transactions were heard at RMB 14690-14710 per tonne, down from RMB 14740 per tonne on the previous day, with Guangdong-Shanghai price spreads remaining unchanged at RMB 50 per tonne.

The overall trading in South China was also lesser on May 29 than the previous day despite, sellers showed keen interests in offloading their cargoes and downstream consumers continued to purchase on demand.

A00 aluminium ingot spot price in south dropped from RMB 14740 per tonne to RMB 14700 per tonne on May 29, 2018, and then to RMB 14635 per tonne on May 30, 2018.

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