Bearish Sentiment Dominated Alumina Market amid Continuous Release of New Capacity

SHANGHAI, Jun 2 (SMM) -  Alumina prices were little changed today amid sluggish market transactions. The purchase prices of caustic soda in Shanxi and Henan were raised by 300 yuan /mt. Some alumina refineries in Shanxi are struggling in losses. Due to the release of new production capacity of Hebei Wenfeng, Chongqing Bosai, and Tiangui Phase II, the alumina market is in a surplus, which will dampen the chance of a rebound in alumina prices. SMM will continue to closely watch the operation of high-cost alumina refineries in Shanxi and Henan. Today, the SMM regional weighted alumina index was 2,987 yuan/mt, flat from yesterday.