Aluminium ingot price in east China records a slight rise on active downstream consumption: SMM

Shanghai Metals Market research found most transactions of spot aluminium in Shanghai were done between discounts of RMB 10 per tonne to premiums of RMB 20 per tonne on Tuesday, November 13, relative to the SHFE 1811 contraction.

The SHFE aluminium contract for November delivery traded range-bound on Tuesday morning while in Shanghai, most transactions occurred with discounts of up to RMB 10 per tonne from the previous day.

Traded prices in Shanghai and Wuxi were heard at RMB 13720 per tonne to RMB 13740 per tonne and in Hangzhou at RMB 13730 per tonne to RMB 13750 per tonne.

Transactions between traders remained brisk but overall trading liquidity across eastern markets improved from the previous day as sellers remained keen to offload cargoes and downstream consumers showed keenness to purchase.

In this background, the A00 aluminium ingot price in the east China has recorded a rise today, on November 14, by RMB 10 per tonne to stand at RMB 13740 per tonne. But the prices in the south and north have dipped by RMB 20 per tonne and RMB 35 per tonne and hovering at RMB 13760 per tonne and RMB 13725 per tonne, respectively.

The average spot price has registered a drop too from RMB 13720 per tonne to RMB 13710 per tonne, with spot discounts remaining same at RMB 20 per tonne. But SMM found the trading price to hover between wide ranges from RMB 13690 per tonne to RMB 13630 per tonne throughout the day.

Alumina, the raw material of primary aluminium, has recorded no shift in price over a week and therefore, unable to bolster the trading cost of aluminium ingot.

In the east and north market, the alumina price is still hovering at RMB 3190 per tonne while in the south, the price is at RMB 3160 per tonne. Australian alumina FOB price is neither shying away from showing restraint at US$ 420 per tonne since November 5, 2018.

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