14 JANUARY 2015AlCircle.com
China’s Q1 aluminium prices could dip to $1,957, predicts SMM
Edited by : AL CIRCLE
1 min read
Shanghai Metal Market forecasts that the overproduction in China coupled with the potential fall in the alumina prices could drag the spot aluminium price down to 12,000 yuan ($1,957) in Q1 2015.
The relentless Chinese aluminium output is likely to soar in Q1 while the consumption will not be as robust since all major aluminium processors will be closing shop for the Chinese New Year causing the aluminium stockpiles to grow.
With the current SMM spot price at 12,730 yuan as recorded on January 8, most of the aluminium capacities, nearly 42% or 12.71 million tonnes, are suffering a loss in cash lots.
The SHFE 103 aluminium contract on the other hand had a better performance finishing the night session at RMB 12,735/mt despite the lower start at RMB 12,705/mt.
The relentless Chinese aluminium output is likely to soar in Q1 while the consumption will not be as robust since all major aluminium processors will be closing shop for the Chinese New Year causing the aluminium stockpiles to grow.
With the current SMM spot price at 12,730 yuan as recorded on January 8, most of the aluminium capacities, nearly 42% or 12.71 million tonnes, are suffering a loss in cash lots.
The SHFE 103 aluminium contract on the other hand had a better performance finishing the night session at RMB 12,735/mt despite the lower start at RMB 12,705/mt.
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