Mysteel
DAILY: Chinese spot alumina prices soften further, futures momentum falters
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2 min read
Chinese spot alumina prices softened further on September 25, while the upward momentum in its futures market faltered in the nighttime trading session after posting daytime gains.
On Thursday, the national average spot price assessed by Mysteel for smelter-grade alumina with purity exceeding 98.6 per cent slipped by another RMB 8 per tonne (USD 1.1 per tonne) on day to sit at RMB 3,025 per tonne, extending the RMB 9 per tonne drop on Wednesday.
The latest price drop was mainly driven by weaker trades late Wednesday in Shanxi and Henan - two major alumina-producing provinces in the northern part of China – where mounting supplies weighed on market sentiment.
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