China’s A00 aluminium ingot price contracts by RMB100/t owing to production resumption in some areas

On Thursday, March 31, the A00 aluminium ingot price has fallen again for the second consecutive day to score at RMB 22,630 per tonne, finds the Shanghai Metals Market. The price has gone down by RMB 100 per tonne as of Thursday, March 31. The resumption of domestic aluminium production in some places has helped in easing out the demand-supply concern. However, though the price has declined, the output hasn’t reached a satisfactory number as it was last year. For today, the average price is estimated to hover between RMB 22,610 per tonne and RMB 22,650 per tonne, with spot contract to be traded at a premium price of RMB 110-70 per tonne.

On the global forefront, the price of aluminium has witnessed a significant decline as Russia-Ukraine peace talks have finally taken shape, with the former deciding to cut down some military activities in and around Ukraine.

The price in Foshan and Shenyang has witnessed a slump of RMB 100 per tonne to peg at RMB 22,650 per tonne and RMB 22,580 per tonne. In Gongyi and Wuxi, the price has slipped by RMB 130 per tonne and RMB 115 per tonne to score at RMB 22,490 per tonne and RMB 22,615 per tonne. In Hangzhou and Chongqing also the price has declined by RMB 110 per tonne and RMB 50 per tonne to settle at RMB 22,625 per tonne and RMB 22,640 per tonne.  On the same day in Tianjin and Linyi, the price has plunged by RMB 130 per tonne and RMB 150 per tonne to total in at RMB 22,650 per tonne and RMB 22,660 per tonne.

The Australian FOB price has descended for the second day by US$20 per tonne to close at US$488 per tonne. The price drop was mostly due to Australia's embargo on alumina exports to Russia, which increased the amount of alumina available on the international spot market.

On the same day, the aluminium alloy (ADC12) price and (A380) price has remained unchanged to peg at RMB 22,300 per tonne and RMB 23,300 per tonne. Aluminium alloy (A356) price has decreased by RMB 100 per tonne to settle at RMB 24,150 per tonne. The average price for the same is expected to range between RMB 24,000 per tonne and RMB 24,300 per tonne.

source https://www.alcircle.com/press-release/chinas-a00-aluminium-ingot-price-contracts-by-rmb100-t-owing-to-production-resumption-in-some-areas-77971