14 NOVEMBER 2014AlCircle.com
Aluminium prices fall as Chinese aluminium product export rises
Edited by : AL CIRCLE
1 min read
On Monday, the aluminium prices were on a decline due to the heavy aluminium product exports from China.
The three-month-aluminium slipped by 1.05% at the LME taking the price to $2,033.50 a tonne. The volume was also heaviest on the LME at nearly 16,500 lots.
Over the weekend it was seen that the Chinese unwrought aluminium moved at an impressive pace in the market. Products exports were seen to rise by 12.5% in October on a year to date basis. Robin Bhar, the head of metals research at Societe Generale in London, said that the deficit of the metal in the world outside China is being quickly met by the Chinese product exports.
Although the export of 380,000 tonnes in October was down by 5% when compared to September, on a YOY basis it was 19% higher and is expected to rise further in the coming months as Chinese smelters increase their capacities, says Ivan Szpakowski, an analyst at Citi in Shanghai.
"This growth in Chinese exports has had a notable weakening impact on Asian aluminium markets, and cargoes are being diverted to the Middle East, Turkey and southern Europe," he said in a note.
The three-month-aluminium slipped by 1.05% at the LME taking the price to $2,033.50 a tonne. The volume was also heaviest on the LME at nearly 16,500 lots.
Over the weekend it was seen that the Chinese unwrought aluminium moved at an impressive pace in the market. Products exports were seen to rise by 12.5% in October on a year to date basis. Robin Bhar, the head of metals research at Societe Generale in London, said that the deficit of the metal in the world outside China is being quickly met by the Chinese product exports.
Although the export of 380,000 tonnes in October was down by 5% when compared to September, on a YOY basis it was 19% higher and is expected to rise further in the coming months as Chinese smelters increase their capacities, says Ivan Szpakowski, an analyst at Citi in Shanghai.
"This growth in Chinese exports has had a notable weakening impact on Asian aluminium markets, and cargoes are being diverted to the Middle East, Turkey and southern Europe," he said in a note.
Unlock full access – sign up for FREE.
Key benefits
Find exclusive data-driven insights and in-depth analysis
Get our daily newsletter delivered straight to your inbox
Access real-time and historical price trends from global indices
Post and respond to latest business leads
Stay ahead with alerts on learning tools
...and so much more!SIGN UP / LOGIN
Grow with
AL Circle
