Mysteel: China alumina prices continue downward trend amid oversupply

On Oct 28, Mysteel daily assessments for Shanxi spot alumina were Yuan 2,830-2,880/t, EXW and including VAT, down Yuan10/t from a week ago, and assessments for Guangxi spot cargo were Yuan2,990-3,040/t, down Yuan50/t on week. SHFE most-traded contract closed at Yuan2,817/t, up Yuan7/t on week.

The price decline in China's alumina market slowed down last week. However, the pessimistic sentiment remains unchanged. We observed high alumina supply and elevated alumina stocks in China, which remained major drivers for the downward trend. On the supply side, China's alumina operating capacity stood above 97MTPA last week. Despite