SHANGHAI, Jun 12 (SMM) – Price review: The SMM weighted alumina index stood at 2,843 yuan/mt as of last Friday, down merely 1 yuan/mt from a week ago.
The biggest variable for influencing alumina prices would be the progress of aluminium production resumption in Yunnan. Given the unstable hydropower generation in Yunnan at the moment, nearly 2 million mt of idled aluminium capacity in the province has slim chance of being fully restarted in a short period of time. If hydropower supply in Yunnan is sufficient for local smelters to resume production on a full scale, surplus alumina will be digested and alumina prices could bottom out. Otherwise, alumina prices will be weighed down further by supply glut.
More popular news
Oil Price Downturn To Reverse? Saudi Arabia "Declares War" On Bears, Bulls Betting On $100/barrel
Commerzbank Sees Higher Oil Prices, Citing Significantly Tightening Market
Daily Updates on SHFE Base Metals and Stainless Steel Warrants
Vale Is Advancing Huge Investment, Betting On Strong Demand For High-Grade Iron Ore
South China Battles Power Crisis, The Worst This Year
Manufacturing PMI In Euro Zone And Germany Both Pick Up In May, But Still In Contraction Territory
Aluminium Ingot Inventories In China Fall To Alarmingly Low Level
Fitch: Global Trade Is Slowing Sharply And May Grow Only 1.9% This Year
ANZ Bank Is Bearish Towards Iron Ore Prices, Citing Four Key Negative Developments In China
For queries, please contact Michael Jiang at michaeljiang@smm.cn
For more information on how to access our research reports, please email service.en@smm.cn