Aluminium prices drop as smelters in Gansu and Inner Mongolia resume production
With smelters in Gansu and Inner Mongolia starting to begin output, aluminium prices recorded a fall on Wednesday, December 7. The recent bulls have been priced in by investors, who have since begun to fret about the speed of US rate hikes and the prospects for Chinese demand.
At the current high aluminium prices, market activity in the aluminium ingot and aluminium billet segments was comparatively poor. Poor sales and expensive aluminium may force some downstream manufacturers to halt output. In November, the nation exported 455,599 tonnes of unwrought aluminium and primary, alloy, and semi-finished aluminium products.
China's trade surplus decreased to USD 69.84 billion in November of this year from USD 71.7 billion in the corresponding month of the previous year, significantly below market expectations of a surplus of USD 78.1 billion. Due to declining local and worldwide demand, this was the lowest trade surplus since April.
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Exports decreased 8.7 per cent year over year, the second consecutive month of loss, due to declining international demand brought by rising inflation and supply interruptions, while imports fell faster, 10.6 per cent year over year, as local market deteriorated due to widespread COVID limits.
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