Aluminium ingot inventories in China major markets dropped for the first time after the 2017 Chinese New Year Holiday, reported Shanghai Metals Market. The total aluminium inventories in five key trading hubs fell 4,000 tonnes last week, SMM survey data showed.
Three-month aluminium on the London Metal Exchange (LME) climbed 0.8 per cent to close at $US1,960 a tonne, its strongest since May 2015
The aluminium pricing negotiation for the quarter began in February, with the initial offer being made at US$135 per tonne by the Japanese buyers to global producers such as Rio Tinto and South32 Ltd. Other pricing negotiations are expected to continue through this week, SMM reported.