A slight growth in Chinese alumina price however fails to push up the aluminium ingot price today: SMM

After showing restraint yesterday, alumina spot price has recorded a slight growth today, on November 7, to RMB 3179 per tonne, Shanghai Metals Market found. This marks a growth by RMB 9 per tonne. The average price is expected to remain the same as that of the spot price.

The growth has touched all the major markets but coincidentally by RMB 10 per tonne. In the east, the price is at RMB 3190 per tonne, with the average price expected to be at RMB 3170-3210 per tonne. The prices in the central and north are at RMB 3185per tonne, with the same expected average price between RMB 3150-3220 per tonne.

Australian alumina FOB price, on the other hand, shows no change since the time it dropped from US$460 per tonne to US$ 420 per tonne on Monday, November 5.

However, in spite of the growth in alumina price today, the A00 aluminium ingot price remains sluggish. The price as of today is standing at RMB 13810 per tonne after declining by RMB 50 per tonne. The average prices are expected to range between RMB 13790 per tonne and RMB 13830 per tonne, with spot prices remaining same at RMB 60 per tonne to RMB 20 per tonne.

The prices in the major Chinese markets have also declined. While in the east, the price has dropped by RMB 45 per tonne to RMB 13810 per tonne, in the south and north, the prices have plunged by RMB 50 per tonne and RMB 35 per tonne to stand at RMB 13900 per tonne and RMB 13835 per tonne, respectively.

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