On Tuesday, July 16, China's A00 aluminium ingot price has contracted by RMB 250 per tonne to settle at RMB 19,790 per tonne. The bearish trend in China's A00 aluminium ingot price can be attributed to weaker demand in the downstream sector, despite rising production levels.
As per the SMM data, the average prices are expected to stand between RMB 19,770 per tonne and RMB 19,810 per tonne, with the spot contract price expected to be traded at a discount price of RMB 60 to RMB 20 per tonne.
According to data from the National Bureau of Statistics (NBS), China, a dominant force in the global aluminium market, produced a staggering 3.67 million tonnes of primary aluminium in June. This marked a 6.2 per cent year-on-year surge and set a new record for the highest monthly production since November 2014, according to Reuters data.
