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China alumina prices flat as market returns, awaits direction
Edited by : AL CIRCLE
2 min read
China's ex-works Henan alumina price remained flat at Yuan 2,520/mt ($412.50/mt) at 30% credit payment terms Friday, as the Chinese market returned from an extended holiday to celebrate the Lunar New Year.
China was closed January 31-February 6.
Spot activity was lacking Friday as market participants were settling back, and heavy snow in Henan this past week impacted transport and further dampened trade.
"The snow affects delivery and everyone is just back from holidays anyway, so there's no rush to trade. There'll be clearer direction next week," a Henan smelter source said.
"We've not even started asking about prices yet, and no one has offered either. Next week should be clearer," a Chinese trader added.
Two Henan refiners agreed, saying they were now reviewing current market conditions in order to decide on offer prices for February spot next week.
Domestic Chinese alumina prices were expected to soften in the near term as Chinese aluminum prices stayed weak, and import alumina prices were also lowering recently, trade and consumer sources said.
On Friday, the front month February aluminum contract on the Shanghai Futures Exchange closed at Yuan 13,295/mt Friday, down from Yuan 13,465/mt on January 30 before the holidays, and also from Yuan 13,920/mt last month.
China was closed January 31-February 6.
Spot activity was lacking Friday as market participants were settling back, and heavy snow in Henan this past week impacted transport and further dampened trade.
"The snow affects delivery and everyone is just back from holidays anyway, so there's no rush to trade. There'll be clearer direction next week," a Henan smelter source said.
"We've not even started asking about prices yet, and no one has offered either. Next week should be clearer," a Chinese trader added.
Two Henan refiners agreed, saying they were now reviewing current market conditions in order to decide on offer prices for February spot next week.
Domestic Chinese alumina prices were expected to soften in the near term as Chinese aluminum prices stayed weak, and import alumina prices were also lowering recently, trade and consumer sources said.
On Friday, the front month February aluminum contract on the Shanghai Futures Exchange closed at Yuan 13,295/mt Friday, down from Yuan 13,465/mt on January 30 before the holidays, and also from Yuan 13,920/mt last month.
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