DAILY: Chinese spot alumina prices hold firm, futures lose steam

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The national average price assessed by Mysteel for smelter-grade alumina with a minimum purity of 98.6 per cent was unchanged from the previous day at RMB 2,700 per tonne (USD 398 per tonne) last Friday.

 Across China's key alumina-producing regions, prices were also stable. Assessed prices for the same grade of alumina in Shandong, Henan, Shanxi, Guizhou, and Guangxi remained steady on day, averaging between RMB 2,665 per tonne and RMB 2,780 per tonne.

 In contrast, major alumina futures on the Shanghai Futures Exchange weakened further on the final trading day of last week. The most-traded September contract edged down by 0.07 per cent during Friday's daytime session and fell by 0.8 per cent overnight, closing the night time trading at RMB  2,689 per tonne by 1 a.m. last Saturday, marking the lowest level in more than a month.

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On the spot side, some primary aluminium smelters with restocking needs entered the market to secure cargoes. Meanwhile, many alumina suppliers either slightly cut their offers or kept them steady, as the overall alumina supply has yet to fully loosen amid maintenance stoppages at some refineries.

 Mysteel heard of one concluded deal on May 22, in which a smelter in Gansu purchased 10,000 tonnes of alumina originating from North China via tender at a delivered price of RMB 2,840 per tonne including freight and the VAT. The transaction price was unchanged from a comparable deal concluded on May 19.

Note: This news is published under a content and exchange agreement with Mysteel