A00 aluminium ingot price records rise in China after sharp decline on the previous day; the price stands higher MoM

After a sharp fall yesterday, on April 1, the A00 aluminium ingot price has recorded a slight growth today by RMB 20 per tonne to stand at RMB 13,760 per tonne, found Shanghai Metals Market. The average prices are expected to range between RMB 13,740 per tonne and RMB 13,780 per tonne, with spot discount to settle at RMB 20 per tonne, showed the SMM data.

Reviewing the aluminium ingot price trend through March 2019, there was a bullish sentiment in the market as per SMM data. With the growing range from RMB 13,550 per tonne on March 1, the ingot price had even extended the benchmark of RMB 14,000 per tonne on March 21. There was some intermittent fall, but the overall trend was on the rise until the latter half of the month (March 25) when the ingot price started shrinking. Other than on March 28 when the price had risen from RMB 13,900 per tonne to RMB 13,940 per tonne, there had been a fall in ingot price throughout the last week of March. Even on April 1, the price fell further despite a plunge in primary aluminium inventories over the weekend on consumption recovery.

However, compared with the same period of March 2019, the aluminium ingot price is still standing higher by RMB 210 per tonne as on April 2, according to SMM data.

The aluminium ingot price in north China, as on today, has recorded a growth by RMB 20 per tonne to RMB 13,740 per tonne. In the south, on the other hand, the price has shown restraint at RMB 13,730 per tonne while that in the east (Wuxi and Hangzhou) dropped RMB 5 per tonne and RMB 15 per tonne to stand at RMB 13,750 per tonne and RMB 13,775 per tonne, respectively.

Against the growth of A00 aluminium ingot price, the price of aluminium alloy (A356) has also recorded an increase today by RMB 50 per tonne to RMB 14,500 per tonne, found SMM. However, the prices of aluminium alloys (ADC12) and aluminium alloy (A380) have shown no further movement after yesterday.

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