The dipping Shanghai Futures triggers a fall in alumina

The continuously falling prices of aluminium in the Shanghai Futures over the past month has triggered a slide in the Australian alumina daily assessment as well which slipped 50 cents to $354 FOB on Friday with weakening bids, Platts reported.

Sellers have doubled up their efforts as they are looking to offload the materials they have acquired from Australia, India and Caribbean origins.

According to the Chinese consumers and resellers, they are aiming at the offers with prompt or early shipments rather than the long-term shipments as they feel that the SHFE will slide further bringing the prices even lower.

The sellers had started the week with ambitious bids ranging $380-385/mt CIF China but by the ends of the week it became clear that $380/mt was not available as the general negotiations hovered around the $370-378/mt range.

(Price discussions in Asia were for the moment mostly in CIF China terms rather than FOB Australia, due to extremely thin demand for spot tonnage outside of China.)

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