China's aluminum prices strengthen, stocks mount further

China's prices of primary aluminum enjoyed some upward momentum over February 5-7, the first three business days after the Chinese New Year (CNY) holiday officially ended, even though stocks of the light metal held by traders continued to accumulate.

In the spot market, China's national average price of 99.7% primary aluminum had advanced by Yuan 314/tonne ($43/t) from February 5 to reach Yuan 20,479/t including the 13% VAT as of February 7, according to Mysteel's assessment. The main driver of the price increase was the recovery of demand, a