Alumina prices still low with weak demand and upcoming holidays

The spot price of alumina in China continued to be weak as seen on Friday as the market remains slow and demand continues to be dull.

Henan ex-works alumina spot price was Yuan 2,690/mt at the close of last week on 70:30 cash-credit payment scheme, falling Yuan 30/mt from Yuan 2,720/mt recorded a week earlier and down Yuan 100/mt from the previous month.

Some offers however were heard going as low as Yuan 2,650-2,660/mt cash and Yuan 2,700/mt for 20-30% credit payment.

The smelters are all short of cash as the domestic price for aluminium remains low along with low demand of the metal. Even the upcoming Lunar New Year holidays are weighing down on the alumina and aluminium sectors.

The term contract prices have also been affected by this downward trend with prices at around 17% of the average aluminium contract price on the Shanghai Futures Exchange for the metal due for three-month delivery.

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