SMM A00 aluminium ingot price surges by RMB200/t amid China’s market support pledge
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Update time : 2024-08-02 20:45:12
As of 1st August, the Shanghai Metal Market (SMM) China’s A00 aluminium ingot price initiated the month with an average price of RMB 19,170 per tonne. Compared to the previous day, the price has skyrocketed by RMB 200 per tonne after China’s leaders pledged increased support measures to stabilise market confidence during a Politburo meeting. This pledge came despite data showing slight contractions in manufacturing activity and slowed growth in the services sector for July. The average price hovers between RMB 19,150 per tonne to RMB 19,190 per tonne.
Although the price significantly declined by RMB 940 per tonne from RMB 20,110 per tonne in the previous month, this month has started on a positive note. The spot contract is likely to be traded at a discount price of RMB 80 per tonne to RMB 40 per tonne, with an average of RMB 60 per tonne.
