Weiqiao further cuts its prebaked anode price for September; A00 aluminium ingot price rises by RMB20/t

Shanghai Metals Market reveals that Shandong Weiqiao Group, one of the top aluminium producers in China, has reduced the benchmark purchasing price of prebaked anode for the third month in a row. For September 2019, the company has lowered the benchmark purchasing price by RMB 70 per tonne to RMB 2,925 per tonne in cash.

For August, Shandong Weiqiao had reduced the prebaked anode price by RMB 50 per tonne from July and that had brought the price to RMB 2,995 per tonne in cash.

But despite the cut in Weiqiao’s prebaked anode benchmark purchasing price, the average buying price in China has not registered any change. It is still continuing to remain restraint at RMB 3,112.50 per tonne, as of September 2, since the drop on August 1, from RMB 3,137.50 per tonne to RMB 3,112.50 per tonne.

The average price of A00 aluminium ingot, on the other hand, has recorded a rise by RMB 20 per tonne to RMB 14,310 per tonne, backed on lowered inventories over the weekend by 17,000 tonnes to 1.016 million tonnes, as of Monday, September 2. The average prices are expected to range between RMB 14,290 per tonne and RMB 14,330 per tonne, with spot contract to be traded at a discount price of RMB 10 per tonne to a premium price of RMB 50 per tonne.

The price in Wuxi has registered a maximum hike by RMB 45 per tonne to RMB 14,340 per tonne, followed Tianjin where the price has increased by RMB 40 per tonne to RMB 14,310 per tonne. In Hangzhou, Chongqing, Shenyang, and Gongyi, the ingot price has raised by RMB 30 per tonne to RMB 14,340 per tonne, RMB 14,330 per tonne, RMB 14,310 per tonne, and RMB 14,220 per tonne.

The further rise in average alumina spot price on September 2 has also contributed to the price hike of A00 aluminium ingot. The average spot of price of alumina, as of Monday, is hovering at RMB 2,528 per tonne after rising by RMB 8 per tonne. With this rise, the alumina spot price is standing month-on-month high by RMB 71 per tonne, according to Shanghai Metals Market.

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