A00 ingot prices picking up fast in China markets on the news of output cut; Chalco trends higher

The average prices for A00 Aluminium Ingot for all major Chinese markets (North, South, North-East and South-West) have registered another significant leap on July 14. The average prices for A00 ingot have registered close to 1% growth around all major markets today.

On July 14 2017, among the domestic markets, the average price for A00 Aluminium Ingot for North China market has increased to RMB 14,160/t. 

The price in East China market (Zhejiang) jumped to RMB14,190/t on July 14 and for Jiangsu province it increased to RMB14,160/t.

For the Southwest China market, the price increased to RMB 14,155/t on July 14.

A00 ingot prices have crossed the 14,000 mark in all the major markets and are maintaining the same. A00 Aluminium Ingot in spot China market is trading at discounts of RMB 70 - 30/t.

As on July 14, average price for Aluminium Alloy (A380) in China has also jumped from RMB 15,600/t to RMB 15,650/t. Aluminium Alloy (A356) price increased from RMB 14,700/t to stand at RMB 14,900/t and is expected to move within a range of RMB 14,850- 14,950/t.

As for the raw materials in the China market are concerned, bauxite, alumina and prebaked anode prices have registered no change today and so are other prime raw materials.

The largest Chinese aluminium producer Chalco rose on Friday after the rise in aluminium prices in LME and SME driven by the news of China Hongqiao planning to suspend 600,000 tons of annual capacity according to government directives. 

LME Aluminium prices saw the biggest intraday gain since October 25 on Thursday jumping 2.9 per cent before closing 1.8 per cent higher at $1,911 a ton. The price at Shanghai Metal Exchange (SME) stands at US$ 2,092/t (RMB14,190/t). Chalco was up 3.5 per cent in Hong Kong on Friday following the rise in the price of the metal.

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