DAILY: Chinese spot alumina prices steady, futures weaken further

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The national average price for smelter-grade alumina with a minimum purity of 98.6 per cent was assessed by Mysteel at RMB 2,707 per tonne (USD 400 per tonne) on Wednesday, staying flat for the third straight working day.

The stability at the national level reflected largely steady alumina pricing across key regional markets. In China's five major alumina-producing regions - Shandong, Henan, Shanxi, Guizhou, and Guangxi - assessed prices for the same grade of alumina held within a range of RMB 2,675-2,780 per tonne.

In contrast, alumina futures exhibited an ongoing downtrend yesterday. The most-traded September contract on the Shanghai Futures Exchange fell by 1.47 per cent during Wednesday's daytime session and declined by a further 0.07 per cent overnight, closing the night-time session at RMB 2,819 per tonne as of 1 a.m. Thursday.

In the physical market, firm alumina prices contrasted with subdued demand. On the supply side, some alumina producers and traders maintained stable offers, underpinned by potential cost-side support from anticipated reductions in Guinea's bauxite exports, as well as relatively tight alumina availability in some southern regions of China.

Meanwhile, many downstream primary aluminium smelters showed limited appetite for alumina restocking, as existing long-term supply contracts generally covered their near-term consumption of the feed material. Spot alumina buying remained muted on Wednesday, with Mysteel not hearing of any finalised deals.

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