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[SMM price] Alumina price has accelerated and soared by 33.4% this year.

iconSep 6, 2021 14:10
Source:SMM

SMM9 June 6: the spot price of alumina has been climbing since its low point in April last year and began to accelerate at the end of July this year. Last week, alumina prices soared more than 300 yuan / ton due to rumors of production restrictions stimulating market sentiment. The price of alumina went up again today, spurred by news of political unrest in Guinea. According to SMM data, the spot price of SMM alumina averaged 3119 yuan per ton on Sept. 6, the highest level since May 29, 2019, with an increase of 33.4% for the year.

"Click to view SMM alumina spot historical quotation

In the short term, alumina prices in the north are still supported by the cost side, and short-term prices are expected to remain high. In the southwest region, the current production reduction in Guangxi is limited, so we need to pay attention to the sustainability of the high operation of alumina prices under the guidance of short-term sentiment.

Overseas, according to SMM, there were US $410 / tonne FOB transactions overseas on Friday night, which was sent from India to Iran, a big increase of US $90 / tonne compared with the previous transaction. The Gramercy plant, which was recently closed due to the hurricane, plans to resume production this week, with an operating rate of about 80 per cent, with subsequent plans to be full. Jamalco and Alumar factories that stopped production in the early stage have not heard of resuming production, and the overseas supply side is difficult to say and recover quickly. It is expected that overseas prices will remain high and fluctuate in the short term.

[SMM Analysis] Alumina soars more than 300 yuan per ton in the week and the short-term upward trend continues.

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