Weiqiao raises prebaked anode purchasing price for Aug

SHANGHAI, Aug 1 (SMM) – Weiqiao Group raised purchasing prices for prebaked anode by 180 yuan/mt for August,  a pick-upafter seven consecutive months of decline.

This followed further negotiations with producers as some did not accept an earlier downward adjustment of 150 yuan/mt given losses in the market for prebaked anode. SMM expected Weiqiao to adjust its cut to 0-50 yuan/mt, from levels in July.

The increase brought August prices to 3,280 yuan/mt in cash and 3,315 yuan/mt on acceptance.

SMM believed that the upward adjustment indicated that a new round of restocking for the winter has begun.