Alumina prices in China decline further in May

SMM data indicate that settlement prices for alumina long-term contracts in May are RMB 2,483/mt, 17% of the closing prices of SHFE three-month aluminum contracts. The price is RMB 25/mt lower than in April, and also down RMB 102/mt from January.

Domestic alumina prices stabilized before and after the May Day holiday. The traded prices of domestic alumina are now RMB 2,460-2,590/mt, compared with RMB 2,550-2,590/mt in Henan and Shandong and RMB 2,460-2,530/mt in Shanxi and Guangxi.

SMM understands domestic alumina prices failed to rebound due to persistently depressed aluminum prices and as aluminum smelters tried to push down input costs against their own losses.

SMM expects alumina prices to remain weak for the foreseeable future given the production cuts by some aluminum smelters and increase in new alumina capacity.

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