China’s A00 aluminium ingot price demonstrates W-o-W rise of 1.15% backed by central bank monetary policy
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Update time : 2024-07-04 17:15:46
China’s central bank supportive monetary measure aimed at stabilising economy amid bearish demand for primary aluminium from downstream sectors has boosted China’s A00 aluminium ingot price for the second consecutive day, bringing it to RMB 20,290 per tonne on July 3, 2024. According to the Shanghai Metals Market (SMM) survey, the price has escalated by RMB 80 per tonne overnight, following an increase of RMB 100 per tonne on the previous day. The latest increase has further brought the price 1.15 per cent higher than RMB 20,060 per tonne a week ago.
According to SMM, the average prices today are estimated to range between RMB 20,270 per tonne and RMB 20,310 per tonne, with spot contract to be traded at a discount price of RMB 80-40 per tonne.
