Alumina prices in China domestic market have regained strength after a hiatus. Supply uncertainty caused due to recent production cuts at the alumina refineries coupled with strong demand has allowed China alumina prices to stage a rally after a continuous downtrend.
The average alumina price in North, East, South and Central China market stood at 2,300 yuan per tonne in the week ended May 21, up by 20 yuan from an earlier 2,280 yuan per tonne.
{alcircleadd}Aluminum Corporation of China Limited (Chalco)also raised their average alumina prices to 2,550 yuan per tonne on Tuesday, May 23, up 3 per cent from the previous average price of 2,475 yuan per tonne.
Average price of alumina (imported) in China remains unchanged at 2,800 yuan per tonne as on May 23. Shanghai Metals Market (SMM) data suggests that alumina prices will hover at lows in the near term since producers who cut output due to environmental issues will resume production by end of May.
As of May 18, about 3.82 million tonnes of alumina capacity had been cut or under maintenance, accounting for 5 per cent of total existing capacity, SMM statistics showed.
{googleAdsense}
Aluminium Ingot Stock
Aluminium ingot stock in five China major markets: Shanghai, Wuxi, Nanhai, Hangzhou and Gongyi, fell for two consecutive weeks, due to low arrivals. As of May 22, aluminium ingot stocks in these markets totalled 1.17 million tonnes, SMM data showed.
Currently, monthly average aluminium ingot (A00) price in China is trending as follows:
Average spot aluminium price rose by 164 yuan per tonne on a weekly basis to 13,856 yuan per tonne last week ending May 21.
Aluminium smelter owners posted profit of 1,100-1,200 yuan per tonne in the previous week, SMM survey data showed.
This news is also available on our App 'AlCircle News' Android | iOS