On April 8, 2024, the spot price for aluminum ingots (AL99.70) from Aluminum Corporation of China Limited increased in all regional markets. The specific prices are as follows: the East China market quoted 24,570 yuan per ton, the South China market quoted 24,470 yuan per ton, the Southwest China market quoted 24,510 yuan per ton, and the Central China market quoted 24,490 yuan per ton. Compared to the previous trading day (April 7), these figures represent increases of 80 yuan, 70 yuan, 80 yuan, and 80 yuan per ton, respectively.
PriceSeek's analysis of aluminum gives a bull/bear score of +1. The article indicates that the spot price for Aluminum Corporation of China's aluminum ingots (AL99.70) rose significantly and broadly across the East China, South China, Southwest China, and Central China markets. This widespread increase suggests strong market demand or tight supply conditions, constituting a generally positive influence on spot aluminum prices. It is anticipated that spot prices may continue to rise in the short term; however, the magnitude of the increase is not considered major, hence the score of +1.
[Explanation of Commodity Formula Pricing Principle] The SCCI benchmark price is a transaction guidance price generated based on extensive price data and the SCCI pricing model, also referred to as the SCCI price. It can be used to determine the settlement price for the following two requirements: 1. The settlement price for a specified date. 2. The average settlement price for a specified period. The pricing formula is: Settlement Price = SCCI Benchmark Price × K + C. K is an adjustment coefficient, accounting for factors such as the cost of credit periods. C represents the premium or discount, which includes factors like logistics costs, brand differentials, and regional price differences.
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