MYMETAL: China’s Al price surges to near 6-month high
Jul 07, 2020 15:30
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China’s national average price of 99.7% aluminum ingot surged by another Yuan 301/tonne ($43/t) on week to Yuan 14,383/t including 13% VAT as of July 6, a recent six-month high, as retail stocks of aluminum ingots continued to shrink, according to Mymetal’s weekly report. Mymetal is Mysteel’s nonferrous metal data collection arm.
As of Monday, primary aluminum stocks in the warehouses of the Shanghai Futures Exchange (SHFE) and those in 16 Chinese cities Mymetal surveys dropped by another 16,000 tonnes on week to 682,000 tonnes, according to Mymetal’s report. The week before, the stocks had declined by 17,000 tonnes.
The contraction of aluminum