Chinalco raises alumina floor price for the fourth time to RMB 3050/tonne

According to Shanghai Metals Market, Aluminium Corporation of China (Chinalco) further raised the floor price of non-metallurgical alumina. This is the fourth time since April that Chinalco has increased the floor price of alumina.

The further rise brings the price to RMB 3,050 per tonne, which will come into effect on May 14, following the price RMB 2,950 per tonne for May 10, RMB 2,850 per tonne for April 26, and RMB 2,750 per tonne for April 16.

The continued hike in alumina floor prices could be attributed to production cut by local alumina producers due to environmental inspections in Shanxi province.

Shanghai Metals Market lowered its estimates for alumina output across Chinese producers in May to 5.97 million tonnes, which translated to a narrower supply glut of 150,000 tonnes. The expected monthly oversupply marked the lowest since December of last year.

News around output suspension also boosted the spot prices of alumina. SMM assessed alumina prices at RMB 2,850 per tonne as of Tuesday, May 14, up from RMB 2,646 per tonne in the same period last month.

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