Rise in alumina spot price and decline in aluminium inventories lead to a sharp growth of A00 aluminium ingot price

According to Shanghai Metals Market, the alumina spot price has recorded a rise over the weekend ended on April 22, by RMB 10 per tonne to come in at RMB 2,675 per tonne. After a continued fall since the beginning of the year, the alumina spot price first rose this year on April 18 from RMB 2,646 per tonne to RMB 2,665 per tonne. On April 19, the price showed restrained and then again a growth on April 22. The average price today is expected to stand at RMB 2,675 per tonne.

In all the major markets of China, including east, central, north, and south, the alumina price has also climbed by RMB 10 per tonne to stand at RMB 2,690 per tonne, RMB 2,680 per tonne, and RMB 2,670 per tonne, respectively.

The A00 aluminium ingot price has also registered a growth today by RMB 80 per tonne and standing at RMB 14,130 per tonne. This sharp rise in the aluminium ingot price could be attributed to the increase in alumina price and also to further decline of primary aluminium inventories, which over the weekend have dropped by some 39,000 tonnes across eight major consumption areas, including SHFE warrants. The inventories are thus standing at 1.55 million tonnes as of Monday, April 22, SMM data showed.

The chart below indicates the current status of primary aluminium inventories:

Today, the average prices of aluminium ingot are expected to range between RMB 14,110 per tonne and RMB 14,150 per tonne. Spot aluminium contract is likely to be traded at a discount of RMB 30 per tonne to a premium of RMB 10 per tonne.

The ingot price in the east (Wuxi and Hangzhou), has grown by RMB 90 per tonne and RMB 80 per tonne to stand at RMB 14,130 per tonne and RMB 14,155 per tonne, according to the SMM survey. In the north, the ingot price has also climbed by RMB 90 per tonne to stand at RMB 14,100 per tonne while in the south the price increased by RMB 70 per tonne to RMB 14,120 per tonne.

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