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China alumina prices drift on upcoming holiday, metal price falls

Энергия | Energy Transition

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China alumina prices drift on upcoming holiday, metal price falls

Singapore — China spot alumina prices were rangebound Thursday in thin trade ahead of the upcoming holiday weekend, and as domestic metal prices remained volatile, market participants said.

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China will be closed from April 30 to May 2 to celebrate Labor Day.

The Platts ex-works Shanxi alumina spot assessment continued at Yuan 1,995/mt ($307/mt) full cash terms, unchanged from Wednesday, but up Yuan 15 from last week and also up Yuan 85 on the month.

"Ingot prices fell back today, so everyone is cautious, and with the holiday coming, we just want to see what happens first after the break," a Henan refiner said.

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"The spike in metal prices was too sudden, so everything is still very uncertain and unstable. Alumina prices have gone up recently, so they will face pressure from refinery restarts as well, we must wait and see," a Shanxi refiner added.

Alumina has been on the uptrend following stronger metal prices seen in the past week, mainly due to speculation and falling domestic metal stockpile, sources said.

The front-month aluminum contract on the Shanghai Futures Exchange closed at Yuan 12,480/mt Thursday, down Yuan 320/mt from Yuan 12,800/mt on Wednesday, but up from Yuan 12,400/mt last week and Yuan 11,700/mt a month earlier.

Spot alumina prices are still expected to test higher in the near term, but the upward movement will be limited on refinery restarts, sources said.

"Alumina is likely to still see a slight upside in the near term, but ingot is still unstable, so it's hard to say," a Shanghai trader said.

"We expect prices have almost peaked now, for both ingot and alumina... everyone is just looking for some stability now," a Henan smelter source said.

Meanwhile, in Henan province, spot alumina prices also stood steady at Yuan 2,000-2,050/mt cash to credit terms Thursday, with ex-works Guangxi prices heard around Yuan 1,880/mt cash.

--Yuencheng Mok, yuencheng.mok@platts.com
--Edited by Jonathan Dart, jonathan.dart@platts.com