WEEKLY: Chinese alumina prices slip further as oversupply pressure remains
The national average price for metallurgical-grade alumina with purity above 98.6 per cent dropped by RMB 31 per tonne (USD 4.4 per tonne) or 1 per cent from a week earlier to RMB 2,930 per tonne on October 23, Mysteel's price assessment showed.
Ongoing price weakness has heightened financial pressure on domestic alumina producers, market sources said. Nevertheless, most refiners showed little intention to curb output, with many prioritising operational stability over production cuts in order to safeguard annual long-term supply contracts for the coming year, as reported.
In consequence, last week's alumina production remained broadly unchanged from the prior week. According to Mysteel's survey, total metallurgical-grade alumina output among the 44 Chinese refiners it regularly tracks reached 1.9 million tonnes over October 17-23, up by a tiny 0.05 per cent on the week.
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