SHANGHAI, Apr. 17 (SMM) – Alumina prices in Chinese market will slow down the pace of declines since current low prices will attract buying further, SMM foresees.
Profit margins at domestic aluminum producers increased rapidly due to lower alumina prices and rising aluminum prices. Aluminum producers are expected to increase alumina purchases further as market prices have dropped to their psychological procurement price range. This will help narrow price declines.
SMM sees big chance for alumina price in Guangxi to fall below 2,400 yuan/tonne, and prices in other regions to test 2,400 yuan/tonne this week.
As of April 14, SMM data showed the weighted average traded price in domestic four major alumina markets was 2,464 yuan/tonne.
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