Aluminum price slightly recovered
| PVA 1788 (PVA BP17) |
According to the data from the business community, the average price of domestic aluminum ingots in the East China market on October 14 was 18726.67 yuan/ton, up 1.01% daily, 2.02% higher than the average market price of 18356.67 yuan/ton at the beginning of the month (10.1), 17450 yuan/ton higher than the recent recovery starting point (July 14, 2022), and 7.32% higher than the recent recovery.
According to the year-on-year data, the average market price in the same period last year was 23230 yuan/ton, down 19.36%. At the peak price of 2021 (October 19, 2021), the average market price of aluminum ingots was 24240 yuan/ton, and the recent deviation from the peak value fell by 22.74%.
Short term market dominated by news
| PVA |
The aluminum price rose on the 14th, mainly because the market news that RUSAL would be subject to sanctions disturbed the aluminum price. On the 14th, it was reported that Alcoa had asked the London Metal Exchange to delist Russian aluminum from the market. In addition, on the 13th, the United States was considering banning the import of Russian aluminum as a response to the recent escalation of the situation. The price of Lunan Aluminum rose, and Shanghai Aluminum was also boosted. The linkage between futures and cash drives spot aluminum prices up. It is reported that the annual capacity of RUSAL is about 4.5 million tons, accounting for about 6% of the total capacity of global electrolytic aluminum. In the first half of 2022, the United States will import 3210000 tons of aluminum products, including 126000 tons of aluminum products (including metals, alloys, crude metals, plates and bars, etc.) from Russia, accounting for 3.93% of the total imports.
The recent rebound in aluminum prices is still at the stage of news disturbance. Only when there are a large number of supply and demand gaps in the global aluminum market can a sustained rebound trend be formed. At present, supply and demand are relatively stable, and it is expected that the trend will remain volatile in the short term.
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