SunSirs: Aluminum Prices Fell on August 29th

https://www.chemnet.com   Aug 30,2024 SunSirs

Aluminum prices fell on August 29th      

Aluminum prices rebounded overall in August, but fell on the 29th. According to the Commodity Market Analysis System of SunSirs, on August 29, 2024, the average price of domestic aluminum ingots in the East China market was 19,563.33 RMB/ton, a daily decrease of 1.26%, and an increase of 1.96% compared to the market average price of 19,186.67 RMB/ton at the beginning of the month (August 1).

On August 29, 2024, the spot price of aluminum ingots (AL99.70) by Aluminum Corporation of China fell in various regions, with an external quotation of 19,550 RMB/ton in the East China market, a daily decrease of 250 RMB/ton; The external quotation for the South China market was 19,450 RMB/ton, with a daily decline of 260 RMB/ton; The Southwest market quoted 19,500 RMB/ton outside, with a daily decline of 270 RMB/ton; The Central Plains market quoted 19,460 RMB/ton outside, with a daily decline of 240 RMB/ton.

Reasons for the decline in aluminum prices on the 29th

At the macro level, the optimistic sentiment brought about by the expectation of the Federal Reserve's interest rate cut in September had gradually been digested, and the benefits had basically been reflected in the price level. The subsequent boosting effect had weakened.

After the rise in aluminum prices, the downstream absorption capacity weakened. Mainly due to the pessimistic long-term expectations in the downstream market, partly due to the seasonal off-season of household appliances, and partly due to the significant pressure on real estate completion, the negative feedback effect of aluminum consumption was strong; More importantly, in terms of exports, the additional tariffs on new energy vehicles in the second half of the year may gradually be implemented, and photovoltaic exports are also facing certain pressure.

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