DAILY: Chinese alumina prices inch higher in spot, futures markets

China’s alumina price rose to RMB 2,707 per tonne as regional gains and Guinea bauxite concerns lifted market sentiment. Mysteel assessed the national average price for metallurgical-grade alumina with a minimum purity of 98.6 per cent at RMB 2,707 per tonne (USD 400 per tonne) last Friday, higher by another RMB 3 per tonne on day.

The further increase was mainly driven by stronger alumina prices in three of China's five major alumina production bases. The assessed prices for the same grade of alumina edged up by RMB 5 per tonne from the previous day in Shandong, Henan, and Shanxi, averaging between 2,675 per tonne and RMB 2,705 per tonne. Meanwhile, the prices in Guangxi and Guizhou stayed flat for around one week at RMB 2,670 per tonne and RMB 2,780 per tonne, respectively.

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In the derivatives market, major alumina futures continued to track higher on the final trading day of last week. The most-traded September contract rose by 1.19 per cent during Friday's daytime session and held steady overnight, closing at RMB 2,888 per tonne as of 1 a.m. Saturday.

In the physical market, many downstream primary aluminium smelters actively made price inquiries, wary of possible tightening of the imported bauxite supply from Guinea. In response, some alumina producers and traders lifted their offering prices, encouraged by bullish sentiment.

However, some smelters were hesitant to conclude deals amid supply certainty and mounting inventories. As a result, trading was subdued in the spot market, with Mysteel not hearing of any finalised transactions.

Note: This news is published under a content and exchange agreement with Mysteel