SHANGHAI, May 23 (SMM) – The price of alumina in Shanxi continued to decline today. The market has tilted further to a buyer’s market. The market shall will continue to closely watch whether exports are strong enough to digest excess domestic supply. If the export is lower than expected, alumina prices move down and seek support from cost side.
The balance of the global alumina import and export market was disrupted after the Australian government issued a ban on the export of alumina to Russia on March 20. The spot alumina that was originally intended to be shipped to Russia began to flow into the overseas market, which continuously lowered the market transaction price. Today, alumina price FOB Western Australia was $360/mt, down $2/mt from last Friday. In April, China's alumina exports to Russia rose, and SMM will continue to pay attention to the sustainability of exports in the future. Today, the SMM weighted alumina index stood at 3,000 yuan/mt, down 7 yuan/mt from last Friday, with prices in Shanxi falling 20 yuan/mt.