In domestic spot market, rising stocks and poor consumption of aluminium is creating uncertainties over the alumina market. Alumina prices are expected to drop if the same situation continues.
According to an SMM update, growing pessimism over alumina prices in Chinese market has forced alumina suppliers in Australia to cut price offers. Accordingly, FOB price of Australian alumina slid $ 1/tonne to $ 305.5/tonne (RMB 2053.82/t) last week. However, today’s SMM update shows no change in the average price of imported alumina in the Chinese markets and it remains flat at RMB 2800/t today.
{alcircleadd}In the Central China market, average alumina prices dropped to RMB 2,525/t today from RMB 2,535/t.
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As estimated by SMM data, the weighted average alumina price in domestic four major markets dropped RMB16 /tonne week-on-week to RMB 2,526 /tonne as of July 28.
The rest of the markets (North, South, and East) show no change in the daily average spot alumina prices.
Overall, the market remains flat as there is no confirmed news on the capacity cut and the situation has been made worse by the fact that aluminium ingot stocks in China’s five major markets rose for five weeks in a row to hit a new record high last week.
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Talking about aluminium, A00 ingot prices have dropped in all the major markets in China today after touching the month’s highest on July 20. China Aluminum International Trading Co. (Chalco Trading) cut aluminium prices across all major markets today.
All other raw material prices remain flat as there is not much movement in the market.
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