China's alumina market finds momentum after slow start
China's alumina market has struggled since it launched on the China Futures Exchange about a year ago. But it is now finding some momentum, and the funds have entered the game with some strength.
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This week, the market saw a significant boost as funds stepped in, pushing the price to around RMB 3800/t. This price increase should encourage and motivate producers.
Producers are delighted, and everyone is running to the maximum they can. Ore supply continues to be the issue. The shortage of domestic material is forcing some refineries to increase their use of imported ore. That, in turn, is leading buyers to be cautious, given some properties are drifting from the norm.
Strong demand, regional supply weakness, and the funds' involvement are a recipe for higher alumina prices in the coming weeks.
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