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.
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Weiqiao Group announced it will release alumina into the market. Moreover, sales from Xinfa Group will exacerbate the situation.
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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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