Chinese alumina price drop further pulls down the ingot price across all major markets

Since the beginning of the New Year 2019, the alumina spot price has been found to record either a plunge or restraint; and today is not an exception. The alumina spot price in China has again registered a drop to RMB 2,893 per tonne after being at RMB 2,928 per tonne from January 4 to January 8, 2019, Shanghai Metals Market found. Today’s drop marks second this year as the first one was on January 4 from RMB 2,934 per tonne to RMB 2,928 per tonne.

As the drop in alumina spot price has touched all the major markets in China, the east market has witnessed a price plunge by RMB 50 per tonne to RMB 2,920 per tonne. The prices in both the central and north markets have dropped RMB 30 per tonne each and hovering at RMB 2,910 per tonne and RMB 2,880 per tonne, respectively. In the south market, on the other hand, the price has slipped by RMB 60 per tonne to clock at RMB 2,870 per tonne.

The Australian alumina FOB price, however, has not shown any changes today and still standing at US$ 400 per tonne.

The downtrend in alumina spot price is visible to us since the last month and that could be because of a muted demand in the primary aluminium market, given the lower production of the latter due to capacity cuts in December.

In this background, the A00 aluminium ingot price has also extended its drop today, on January 9, from RMB 13,310 per tonne to RMB 13,290 per tonne. The average prices are expected to range between RMB 13,270 per tonne and RMB 13,310 per tonne, with spot discounts to settle at RMB 50 per tonne to RMB 10 per tonne. The average spot price is estimated to stand at RMB 30 per tonne, after declining by RMB 10 per tonne.

In the east, while the ingot price has dropped RMB 15 per tonne to stand at RMB 13,295 per tonne, in the south and north, the prices have declined RMB 50 per tonne and RMB 40 per tonne to RMB 13,370 per tonne and RMB 13,260 per tonne, respectively.

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