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Alumina prices in major China markets have been rising steadily over the last few weeks and the Bull Run will likely continue, predicted Shanghai Metals Market.
As per SMM survey, trading activity has turned active. There are few large aluminium smelters that are yet to join the trading bandwagon, but low metal stocks have encouraged big alumina producers to hold onto their offers.
Luoyang Xiangjiang Wanji Alumina Plant resumed production two weeks ago, but this is unlikely to have any significant impact on alumina supply in the market this month because the refinery first needs to clear orders received earlier before they can process further orders, SMM updated.
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As per SMM data, weighted average traded price for alumina was 1,863 yuan per tonne in the week ending September 2, up 1.18 per cent on a weekly basis.
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