According to Shanghai Metals Market, there have been no recent upturn in consumption of aluminium products during September and October. Due to poor consumption during “Golden September and Silver October” no new substantial orders have been reported in early November.
According to SMM the latest average price of Aluminum Alloys (ADC12) stands at RMB 16,500/t today and expected to move within a range of RMB 16400 – 16600 per tonne. The drop in average ADC12 aluminium alloy prices can be seen in the following graph.
Recent steady drop in aluminium ingot prices due to poor consumption and increasing stock is prompting downstream aluminium producers to reduce price of value added products. Guangdong ADC12 aluminium alloy ingot has reported the maximum drop in prices. It is learnt that high-end ADC12 products are being offered at RMB 16,000 per tonne in the spot market.
Today SHFE Aluminium has its daily moving average finished at RMB 16,160 per tonne under pressure on November 7 2017. In the short term, SMM expects the contract to keep weak and volatile. A00 Aluminum Ingot prices have seen a small rise today across all markets.