Australian alumina dips by $1/mt this week

As per Platts report, the Thursday Australian alumina was recorded at $355/mt FOB which is same as the day before but $1/mt lower than last week as demand continues to be slow.

A 35,000mt lot was supposedly sold on Wednesday at $355/mt FOB Western Australia due for shipment in second-half of December sold at cash against documents.

Several consumers and traders have commented that although this rate is not an unreasonable clearing rate, they are expecting much lower prices for shipments due for delivery in January. There will be likely drop in demand in China in December as the companies will be more inclined to settling debts before the new credit lines are established for the new year.

At such a financial crunch, most smelters would be looking towards domestic alumina rather than importing.

The Platts daily assessment at Hunan was recorded at 2,830/mt on a 70:30 cash and payment terms dropping Yuan 20/mt ($3.25) on Thursday due to the continued weak domestic aluminium prices.

In the neighboring Shanxi province, there is a significant dip in the cash prices bringing the price down to Yuan 2,700-2,750/mt which was 2,800/mt three weeks ago.

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