Active consumption of downstream aluminium drives a surge in trading in South China: A00 ingot price rises further

With local downstream consumers having keen interest to purchase aluminium at given stable prices, Guangdong province in China saw a swift growth in overall trading on Tuesday, May 15, 2018, learned Shanghai Metal Market.

In this background, the average A00 aluminium ingot price did not miss to grab the opportunity to witness a hike again on May 16, 2018, to close at RMB 14640 per tonne from RMB 14570 per tonne on May 15, 2018. The prices are expected to range between RMB 14620 per tonne and RMB 14660 per tonne, with spot discounts to settle at RMB 90 to RMB 50 per tonne.

While in East, the aluminium ingot price rose from RMB 14570 per tonne to RMB 14630 per tonne; in South and North, the prices surged from RMB 14575 per tonne to RMB 14655 per tonne and RMB 14555 per tonne to RMB 14625 per tonne respectively.

The SHFE 1805 contract also rebounded on May 15 from a low of RMB 14550 per tonne. In Guangdong, cargoes with May invoices were mostly seen to be traded at RMB 14570 per tonne to RMB 14590 per tonne, with Guangdong-Shanghai price spreads around RMB 40 per tonne. A major aluminium producer purchased 2000 tonnes of cargoes at RMB 14590 per tonne.

On the other hand, in East China, transactions of cargoes with May invoices were heard at RMB 14560 per tonne to RMB 14580 per tonne, with discounts of RMB 10 to 0 per tonne against the SHFE 1805 contract, while in Wuxi and Hangzhou, transactions hovered at RMB 14560 per tonne to RMB 14570 per tonne and RMB 14580 per tonne to RMB 14590 per tonne respectively. This indicates that a major aluminium producer purchased 2000 tonnes of cargoes at RMB 14570 per tonne.

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