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Mysteel assessed the national average spot price for smelter-grade alumina with a purity above 98.6 per cent at RMB 2,686 per tonne (USD 391.2 per tonne), including the 13 per cent VAT on Tuesday, up RMB 4 per tonne from Monday. The price marked the highest level since mid-January, Mysteel Global noted.
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Meanwhile, regional spot prices for the same grade of alumina also edged higher in four of China's five key alumina production regions. Specifically, the assessed prices in Shandong, Henan and Shanxi provinces and in the Guangxi autonomous region rose by RMB 5 per tonne from the previous day, ranging between RMB 2,625 per tonne and RMB 2,705 per tonne, while that in Guizhou province remained stable for the third consecutive working day at RMB 2,750 per tonne.
Also Read: DAILY: Chinese spot alumina prices inch higher, futures retreat
In the derivatives market, alumina futures on the Shanghai Futures Exchange (SHFE) lost ground following the plunge of global crude oil prices yesterday. The SHFE's most-traded May alumina futures contract slumped by 3.4 per cent during Tuesday's daytime trading and extended losses by a further 0.6 per cent during the nighttime session, ending at RMB 2,829 per tonne by 1 a.m. Wednesday.
In the physical market, most alumina suppliers either maintained stable offering prices or raised them slightly, keeping a firm pricing stance, according to market participants. At the same time, many downstream primary aluminium smelters adopted a wait-and-see approach, resulting in subdued trading activity.
Mysteel heard of only one deal concluded in the spot alumina market on March 10 in Henan, where an alumina producer sold 5,100 tonnes of the raw material to a trader at RMB 2,950-2,970 per tonne EXW, including the VAT.
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Note: This news is published under a content and exchange agreement with Mysteel
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