SHANGHAI, July 5 (SMM) -- Aluminum Corporation of China Limited (CHALCO) cut spot alumina prices by 7%, to RMB 2,650/mt, effective July 1st.
CHALCO settled selling prices for spot alumina at RMB 2,850/mt in June. Previously on June 1st, CHALCO lowered alumina spot prices from RMB 3,000/mt, to RMB 2,850/mt
Non-CHALCO alumina producers are currently making deals at RMB 2,400/mt, offers quoted by CHALCO are still higher than actual traded prices even after price cuts, leaving only a limited number of deals reported for alumina at CHALCO prices. As a result, any impact on aluminum markets from CHALCO's price adjustment is limited. However, the recent cuts in alumina prices are a reflection of CHALCO's pessimism toward short-term alumina prices, and allows for the possibility of further alumina price cuts by non-CHALCO alumina producers.
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