The Chinese domestic alumina market has consolidated recently at a high level.
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Prices remain up around RMB3800/tonne, almost RMB1000 above where they were just a few weeks ago. There's little chance of prices going down, as demand is still strong and supply lines are still struggling. Imported ore is coming in at record levels, but domestic ore supply is still struggling. As well, a small handful of refineries has been running at reduced capacity while performing maintenance.
The spot alumina market, which admittedly is not a major part of the picture, has been running very thin recently. In the meantime, the Shanghai index is starting to get some solid inventory numbers to back it up.
Thanks to Ecolab for the use of this image.
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