China alumina prices rise further on strong sentiment
Source: www.chinamining.org Citation: Platts Date: September 10, 2014
China`s spot alumina prices firmed further across the country Tuesday on continued strong sentiment, as the market returned from an extended weekend to celebrate the Mid-Autumn Festival.
China was closed September 6-8 for the national holiday.
The Platts ex-works Henan alumina price was Yuan 2,600/mt ($423/mt) for 70:30 cash and credit payment terms, up Yuan 20/mt from Friday.
Spot trades were scarce Tuesday as domestic metal prices slipped, but sentiment stayed strong for the near term on anticipated restocking demand ahead of the winter during the fourth quarter and firmer imported alumina prices recently, several market sources said.
Refiners` offers across the country were also heard higher Tuesday.
Henan offers were pegged at Yuan 2,620-2,670/mt cash to partial credit terms, compared with around Yuan 2,600/mt previously, with Shanxi offers at Yuan 2,640-2,700/mt, also from Yuan 2,600/mt. Guangxi offers were quoted at Yuan 2,450-2,460/mt Tuesday, up from around Yuan 2,400/mt last week.
"Buyers and sellers are holding back today because metal prices lowered, and everyone just came back from holidays.
But smelters will still need to buy, especially in the next few weeks ahead of the National Day holidays at the beginning of October, so alumina can still firm," a Shanxi refiner said.
China will be closed from October 1-7 for National Day celebrations.
"The lower metal price today is just a technical correction, after having risen so much recently, so it`s not too surprising.
Prices now are much better than previously, and Q4 demand is strong, so we`re still confident alumina prices can edge higher," a Shandong trader said.
The front-month September aluminum contract on the Shanghai Futures Exchange closed at Yuan 14,875/mt Tuesday, down from Yuan 14,930/mt last week, but up from Yuan 14,030/mt a month ago.
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