Spot Alumina prices drops for the first time after staying flat since the last week of October, following downtrend in aluminium.
As updated by Shanghai Metals Market, average spot alumina price in China has dropped from RMB 3730/t to RMB 3719 per tonne on November 10. SMM expects the spot prices to move within a range of RMB 3719 – 3719 per tonne today. Domestic spot alumina prices have also dropped to RMB 3670/t after hovering at RMB 3685/t since October 24. Domestic prices are expected range within RMB 3570 – 3770 per tonne today.
As reported by Platts, Shanxi based refiners are of the view that lower metal prices means traders will dump even more now, they will all rush to take profits. Since winter cuts are now confirmed the drop in alumina prices will not last long.
A refiner in Shandong expects alumina prices to hold on to RMB 3700/t level for some time now. Traders would not sell off at a lower price for profits. Platts expects clearer market direction next week when actual alumina and aluminium cuts for winter are slated to happen on November 15.
The China International Aluminum Week 2017 is scheduled to take place from November 14-17 in Fujian province. The event is expected to throw light on the current market in China and generate positive sentiments in the market.
A00 ingot prices in China has dropped further from RMB 15,490/t on November 9 and stands at RMB 15,290/t today. In East China’s spot market aluminium is trading at a discount of RMB 50-10 per tonne.
Other than alumina, raw material prices in China have not registered any change today. Aluminium powder prices drop to RMB 18.9/KG today.