WEEKLY: China's spot alumina prices soften further after holidays
According to Mysteel's latest survey, the 44 Chinese alumina producers regularly monitored by Mysteel produced a total of 1.9 million tonnes of metallurgical-grade alumina during the week of October 3-9, up by a marginal 0.2 per cent from the previous week. Domestic alumina output remained largely stable during the holiday break, with most producers maintaining everyday operations, the survey found.
Although average profit margins among the 44 surveyed refiners fell sharply by 14.5 per cent on week to RMB 135.4 per tonne (USD19 per tonne) during the survey week, many producers were generally cautious about scaling back production during the holiday as the year-end signing period for long-term alumina supply contracts was approaching, Mysteel Global learned.
On the demand side, alumina consumption was subdued during the break. Some primary aluminium smelters had built up sufficient feedstock inventories in advance and thus reduced spot procurement. In addition, some alumina shipments accumulated at rail yards due to logistical restrictions and slower transport operations over the break, according to market sources.
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MONTHLY: Chinese alumina prices to weaken further in Oct
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