Spot aluminium inventories plunge in Guangdong on fewer deliveries: Ingot spot price witnesses a surge

According to Shanghai Metal Market report, spot aluminium inventories in Guangdong province in China plunged 16,000 tonnes on Monday, May 14, 2018, from a week ago with fewer deliveries. Inventories declined, owing to the rise in production of molten aluminium and as busbars in newly added aluminium capacities utilised more aluminium. 

The SHFE 1805 contract rose from lows of RMB 14,505 per tonne to RMB 14,535 per tonne.  While in East China, transactions of cargoes with May invoices were heard at RMB 14,460 per tonne to RMB 14,510 per tonne with discounts of RMB 30 to RMB 20 per tonne against the SHFE 1805 contract, transactions in Wuxi and Hangzhou hovered at RMB 14,460 per tonne to RMB 14,510 per tonne and RMB 14,480 per tonne to RMB 14,530 per tonne respectively. In Guangzhou market also, the transactions were seen at RMB 14,510 to RMB 14,530 per tonne following the movements of future prices. That was primarily due to the limited transactions made by traders while downstream consumers, on the other hand, purchased on demand.

The above chart shows  a rise in A00 aluminiun ingot spot price on May 15, 2018.

According to another update from SMM, the average A00 aluminium ingot spot price surged on Tuesday, May 15, 2018, to RMB 14570 per tonne after a slight decline on the previous day from RMB 14590 per tonne to RMB 14500 per tonne. The prices are expected to range between RMB 14550 per tonne and RMB 14590 per tonne, with spot discounts to settle at RMB 20 to RMB 70 per tonne.

Alumina spot price, on the other hand, remained unchanged from May 3, 2018, until May 15, 2018, with no fluctuations in between. Hence, reflects a steady price trend as far as the alumina spot prices are concerned in China.

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