Weekly review of Domestic alumina market

The decline in spot alumina prices slowed down last week. No deals were heard in south-west China, whereas transactions in north China were relatively brisk. Last week, a total of 20,000 mt of alumina was sold in Shandong for 2,740-2,750 yuan/mt, compared to 38,000 mt in Shanxi for 2,770-2,785 yuan/mt, with buyers being aluminium smelters in north-west China out of rigid demand. Alumina futures contract began trading on the SHFE on June 19, and the benchmark price was set at 2,665 yuan/mt. As the benchmark price was below spot market prices, front-month contract rose after opening and the most-traded contract once touched a high of 2,766 yuan/mt before a subsequent pullback, but still closed higher than the benchmark price.