Mysteel assessed the national average spot price for metallurgical-grade alumina with purity above 98.6 per cent at RMB 2,851 per tonne (USD 403 per tonne) on November 27, marking a marginal 0.3 per cent drop from a week earlier.
During the same week, alumina stocks reached another all-time high. According to Mysteel's latest survey, as of November 27, total alumina inventories across ten major Chinese ports, 44 alumina producers, 89 primary aluminium smelters, and rail yards or in transit had increased for the 26th consecutive week to 4.94 million tonnes, rising by 1.2 per cent on week and renewing the highest level since the survey began in January 2022.
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Contributing most to the continued accumulation were the growing stocks at primary aluminium smelters and at rail yards or in transit. By November 27, inventories at the 89 surveyed smelters had risen by 52,000 tonnes on week to 3.45 million tonnes, while stocks at rail yards or in transit had increased by 26,000 tonnes to 1.12 million tonnes. This marked the highest volume at rail yards or in transit since early 2022 and the third straight week of record-high smelter inventories, Mysteel Global noted.
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