SHANGHAI, Jun 11 (SMM) – The decline of Chinese domestic alumina prices accelerated last week as alumina producers in Shanxi and Henan province as well as major traders began to sell spot cargoes, SMM learned.
Alumina price averaged 2,904 yuan/mt as of Friday June 8, down 94 yuan/mt from a week ago, according to SMM assessments. This followed a decline of 67 yuan/mt the previous week.
The slow pace of export shipments leaving the port in Guangxi also increased the possibility of them being sold in the domestic market, which may further suppress domestic alumina prices.
SMM learned that switching bag-packed alumina into bulk loaded cargoes and limited port capacity slowed down the exports.
In addition, as alumina producers ramp up production in the second half of the year, domestic alumina prices are likely to face further pressure.
Separately, SMM assessed Australian alumina fob price at $463/mt as of Friday June 8, down $9/mt from a week ago. This followed a $3/mt drop during the preceding week.
The declines suggested that international alumina prices are approaching a rather reasonable level and we therefore see limited downward room.
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