Weak demand for primary aluminium in China continues to result in A00 aluminium ingot price fall

The A00 aluminium ingot price has further shrunk by RMB 30 per tonne to come as low as RMB 13,770 per tonne, as of October 15, found Shanghai Metals Market. This marks the fourth consecutive fall since October 10, representing the lowest price in the last two months. During the same period in August, the price was at RMB 14,190 per tonne and in September RMB 14,400 per tonne. So, the price today stands lower by RMB 420 per tonne from the corresponding period in August and by RMB 630 per tonne from that in September.

According to SMM, the average prices are expected to range between RMB 13,750 per tonne and RMB 13,790 per tonne, with a spot contract to be traded at a premium price of RMB 10-50 per tonne.

Weak demand for primary aluminium in the downstream sector and high stock arrivals in the last two weeks could be attributed to the incessant fall in A00 aluminium ingot price. The year-on-year decline in China’s exports of aluminium products by about 14.2 per cent in September also indicates the lower production of aluminium semis, resulting in a slower demand for primary aluminium.

Today, the aluminium ingot price in Foshan, Shenyang, and Gongyi has dropped by RMB 20 per tonne to stand at RMB 13,780 per tonne, RMB 13,770 per tonne, and RMB 13, 665 per tonne respectively, while that in Chongqing, Tianjin, and Linyi has decreased by RMB 15 per tonne and RMB 10 per tonne to come in at RMB 13,755 per tonne, RMB 13,810 per tonne, and RMB 13,850 per tonne. In Wuxi and Hangzhou, the price has remained restrained at RMB 13,790 per tonne and RMB 13,810 per tonne.

Backed on the continued fall in A00 aluminium ingot price, the price of aluminium alloy (A356) has also dwindled by RMB 50 per tonne to stand at RMB 14,500 per tonne, representing the second consecutive fall after remaining restrained at RMB 14,700 per tonne on October 11. On Monday, October 14, the ingot price fell by RMB 150 per tonne to RMB 14,550 per tonne.

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