As week four of October progresses, the price of alumina, too, advances towards touching RMB 5000 in the Shanghai Metals Market, which can be safely said to be the highest in the known time frame.

On Thursday, October 24, alumina prices in the SMM market touched RMB 4,810 per tonne, whereas some of the provinces' range touched RMB 4,900 per tonne for the first time. Shandong, Henan, and Shanxi provinces have seen close averages of RMB 4,825, RMB 4810 and RMB 4875 per tonne, respectively. Meanwhile, in Lianyungang and Bayuquan, the prices of alumina rose for the first time after June 20, 2024, on October 23, 2024. The price has been below RMB 4,000 per tonne for over 4 months, and now, the price gain of 100 RMB for two consecutive days has set a new record of RMB 4,200 per tonne, the average price in both regions.

China's port wares of alumina have fallen to immense low levels since 2015. Spot cargoes flushed out quickly, and now traders and smelters are seeking havens in other vendors in western markets, out of their usual merchants, according to local sources. Tragically, buyers are bulging outside alumina plants, earlier said a segment researcher from Mysteel Global.

Trading in alumina futures has soared in SMM, attracting a new assortment of enthusiast buyers as smelters and traders race to obtain diminishing stocks.

"For months, the market has been one accident or event away from a major price move," Duncan Hobbs, head of research at metals trading house Concord Resources Ltd., said by phone to the media. He added, "The Guinea situation has provided the catalyst for another step-up in prices, and it sets the stage for a tighter market and a deeper deficit."

If the price keeps ascending, likely in the present ratio, aluminium smelters might curtail production to limit losses, tightening metal supplies and underpinning a rally in aluminium prices. Analysts are hopeful that alumina output will rebound before that happens, but conditions on the ground are deteriorating fast.

Resultant of the alumina price rise, the A00 aluminium ingot pricing is also climbing towards a record-breaking price this October.

The A00 aluminium ingot price has aviated to RMB 21,080 per tonne on Thursday following a gain of RMB 280 per tonne. The average price ranged between RMB 21,060 and 21,100 per tonne, with the spot contract traded at no discount and a premium of RMB 40 per tonne.

The average A00 aluminium ingot rate has loomed in the provinces, with RMB 21,070 per tonne (+260) in Gongyi, RMB 20,890 per tonne (+300) in Foshan, RMB 21,070 per tonne (+270) in Wuxi and Hangzhou, RMB 20,990 per tonne (+280) in Chongqing, RMB 20,980 per tonne (+260) in Shenyang, RMB 21,000 per tonne (+250) in Tianjin and RMB 21,030 per tonne (+250) in Linyi. The price range in the provinces varies between RMB 20,870 per tonne to RMB 21,090 per tonne.

High-purity aluminium (99.99%) towered at RMB 28,100 per tonne on an average (range RMB 27,700-28,500 per tonne) with a gain of RMB 300 per tonne. The 99.96% purity variant was indexed at RMB 29,100 per tonne, indicating the average prices hovered between RMB 28,700 and 29,500 per tonne.

Besides, low-carbon aluminium was priced at RMB 21,973 per tonne (+300). In the stance of aluminium alloy ingot prices, the variants were priced as follows: ADC12 - RMB 21,000 per tonne (+100), A356 - RMB 21,550 per tonne (+300), A360 - RMB 21,700 per tonne (+300) and A380 - RMB 22,000 per tonne (+100).