Asia alumina: Australia, China dragged by longs, sluggish demand

The Australian alumina daily assessment slipped $1/mt day on day to $239/mt FOB Wednesday, weakened by lackluster demand. Falling Chinese domestic alumina prices, and rising freight rates in Asia have also put downward pressure on the FOB alumina price.

In the last two days, smelters have put the buyers ceiling at $237-$238/mt FOB Australia. Stockholders were waiting in the wings at $240/mt FOB Australia.

Chinese consumers remained out of the market, saying there was plenty of cheaper domestic tons. They were also expecting further downside to Chinese domestic prices due to ample supply and unstable domestic aluminum prices.

The China alumina daily assessment for Shanxi province fell Yuan 20 ($3)/mt to Yuan 1,880/mt ex-works in cash Wednesday, pulled down by ample supply among refiners and consumers.

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