SHANGHAI, Oct. 16 (SMM) – According to SMM's survey, alumina prices at port were between RMB 2,650-2,670/mt despite rising imported alumina prices in September. This is because increasing supply of alumina at port has curbed the big increase in prices.
Traders told SMM that imported alumina at Lianyungang port were quoted at RMB 2,670/mt, but traded prices were RMB 2,650/mt. Alumina stocks at port are rising along with growing imports. The local traders expect alumina prices at port to drop by RMB 20-30/mt in the second half of October.
SMM has confirmed that FOB prices for Australian alumina were USD 320/mt in September, while CIF prices averaged at USD 344/mt, USD 5/mt higher than USD 339/mt in August. It was reported earlier that the rise in Australian alumina prices in September was attributable to growing demand from China and rising LME aluminum prices. However, CIF prices for Australian alumina fell to USD 345/mt on October 12 from USD 348/mt in late September as LME aluminum prices began to drop after entering October.
SMM expects alumina prices at Lianyungang port to continue to come under downward pressure given the rising inventories at the port as well as downward trend of Australian alumina prices in October.