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Mumbai, April 29 (Commoditiescontrol): Alumina prices in China experienced a dramatic rise today, with the most-traded alumina contract reaching a historic peak of 3,859 yuan/ton before experiencing a slight correction. As of the day's close, prices increased by 0.75%, continuing a four-day winning streak.
Market analysts attribute this surge to a combination of tightening supplies and a rebound in demand. The average spot price of SMM alumina has also been on a sustained upward trend, reaching 3,420 yuan/ton today, a 0.88% increase from the previous day, marking the sixth consecutive day of gains.
Key Factors Driving Price Increases
Limited Supply: Production at bauxite mines in Shanxi and Henan remains suspended, and alumina refineries in these areas are slowly resuming operations. Additionally, fluctuating operating rates at plants reliant on imported ores create supply-side uncertainty.
Robust Demand: The aluminum sector in China is demonstrating robust growth, with Yunnan province benefiting from stable power supplies. Preliminary estimates suggest China's operating aluminum capacity could reach approximately 42.4 million metric tons.
Favorable Market Conditions: The recent opening of a spot-futures arbitrage window has stimulated demand within the spot market.
Market Outlook
The short-term outlook for alumina prices remains bullish. With supply constraints and strengthening demand, alumina futures prices are anticipated to continue their upward momentum.
(By Commoditiescontrol Bureau; +91-9820130172)
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