Meanwhile, regional price assessments for the same grade of spot alumina rose across China's five major alumina production hubs. The assessed prices in Shandong, Henan, Shanxi, and Guizhou provinces and in the Guangxi autonomous region all increased by RMB 5 per tonne on the day, averaging between RMB 2,640 per tonne and RMB 2,755 per tonne last Friday.

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The same day, Shanghai alumina futures continued to gain ground following the prior two days of strengthening. The most-traded May alumina contract on the Shanghai Futures Exchange jumped 2.43 per cent during Friday's daytime trading session and rose a further 1 per cent in nighttime trading, closing at RMB 2,962 per tonne as of 1 a.m. last Saturday.

The continued increase in global oil prices since the escalation of tensions in the Middle East has pushed up shipping costs for imported bauxite, a key raw material used in China's alumina refining, lending support to Chinese alumina prices in both spot and futures markets, according to market analysts. Mysteel's price assessments showed that average freight rates for Capesize vessels from Guinea and Panamax vessels from Australia increased by USD 3 per tonne and USD 2 per tonne on the day, respectively, reaching USD 31 per tonne and USD 19 per tonne on March 13.

Also Read: MYSTEEL: Middle East disruptions may lift China's alumina supply

In the physical market, some alumina producers and traders in China further raised their spot offers. However, many primary aluminium smelters remained cautious about making purchases, mindful that the domestic alumina supply is expected to remain ample over the longer term.

As a result, spot trading activity in the domestic market was subdued, with Mysteel not hearing of any concluded deals.

In contrast, trading activity in the overseas market was more active, with three deals totalling 90,000 tonnes reported on March 13. One 30,000-tonne cargo was traded at USD 297 per tonne FOB Western Australia for late-March shipment, while another 30,000-tonne cargo was concluded at USD 298 per tonne FOB Western Australia for late-March or early-April shipment. On the same day, a third 30,000-tonne cargo was sold at USD 332 per tonne CIF China for late-March shipment.

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Note: This article has been issued by Mysteel and has been published by AL Circle with its original information without any modifications or edits to the core subject/data.