SHANGHAI, Aug. 14 (SMM) – Considering massive aluminum cuts at Weiqiao Group, alumina prices will face heavy downward pressure due to inflows of surplus alumina from the company, SMM expects.
Breaking News: Weiqiao Group and Xinfa Group Ordered to Close Illegal Aluminum Capacity
Weiqiao Group announced it will release alumina into the market. Moreover, sales from Xinfa Group will exacerbate the situation.
Weiqiao Closes Illegal Aluminum Capacity? Fact Turns Out to Be Ironic!
The weighted average alumina price in domestic four major markets was unchanged week-on-week at 2,521 yuan/tonne on August 11. Major alumina and aluminum producers gathered for two meetings last week to discuss future price trend. As such, sellers and buyers took a wait-and-see stance, leaving alumina prices unchanged, SMM explained.
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