Alumina price rise continues, but will it sustain? SMM doubts
Alumina is on an uptrend across major Chinese markets. However, analysts at the Shanghai Metals Market (SMM) warn it is too early to rejoice. According to them, the recent price gains are being driven mainly by the alumina refineries holding back alumina stocks and traders coming in numbers with growing enquiry volumes.
Market trend says, trading has not been very active. Aluminium smelters are sitting pretty with enough raw material stocks and hence, are not in a rush to make immediate purchases, SMM learned.
Source : Shanghai Metals Market
Analysts expect alumina prices to plateau near the current levels in the short term. For there to be any further spike, aluminum smelters have to speed up their raw material buying procedures, SMM added.
According to the latest SMM data, alumina weighted average price in China’s four major markets in the week ending August 26, was 1,842 yuan per tonne.
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