A00 aluminium ingot price in China increases by RMB70/t on weekly decline in inventories

After three consecutive drops this week, the A00 aluminium ingot price has recorded a rise on Thursday, July 25, by RMB 70 per tonne to stand at RMB 13,860 per tonne, found Shanghai Metals Market. Week-on-week, the price is standing higher by RMB 10 per tonne. The average prices are expected to range between RMB 13,840 per tonne and RMB 13,880 per tonne, while the spot contract to be traded at a discount price of RMB 10 per tonne to a premium of RMB 30 per tonne.

The rise in A00 aluminium ingot price today could be attributed to lowered inventories of primary aluminium. According to SMM, the inventories fell unexpectedly today, despite a low consumption season grinding on.

Stocks across eight major consumption areas, including SHFE warrants, have inched down by 7,000 tonnes from a week ago to come in at 1.035 million tonnes, learned SMM.  On Monday, July 22, the inventories were at 1.047 million tonnes after growing by 5,000 tonnes over the weekend. So, compared to Monday, the inventories today are down by 12,000 tonnes.

Over the week, the inventories in Wuxi, Jiangsu; Gongyi, Henan; Hangzhou, Zhejiang; Shanghai; and Tianjin have dropped by 6,000 tonnes, 2,000 tonnes, 3,000 tonnes, 1,000 tonnes, and 2,000 tonnes respectively. In many other major markets, the inventories have either increased or remained restrained.

The below chart indicates the current status of aluminium inventories across major markets in China:


The A00 aluminium ingot price has recorded the highest rise in Foshan, Wuxi, and Tianjin today, as a consequence of the maximum drop in inventories there. After declining by RMB 90 per tonne, the price in those two cities has come in at RMB 13,870 per tonne and RMB 13,860 per tonne.

As far as the input costs are concerned, neither alumina nor bauxite or pre-baked anode has recorded any change today. While the alumina price is hovering at RMB 2,517 per tonne, the prices of bauxite and pre-baked are standing at RMB 540 per tonne and RMB 3,137 per tonne, respectively.

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