MYMETAL: China’s alumina price up on better consumption
Jun 30, 2020 16:30
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Better demand from China’s domestic aluminum smelters saw the country’s alumina price strengthen by another Yuan 17/tonne ($2.4/t) on week to Yuan 2,353/t including 13% VAT as of June 29, or back to the level in early April, according to the market survey of Mymetal, Mysteel nonferrous metal data collection arm.
“Domestic aluminum plants, encouraged by theirbetter profits on higher (aluminum) prices, have stepped up their output, so more aluminais needed,”a Shanghai-based analyst said, estimating the the average margin among China’s aluminum producers at over Yuan 2,000/t.
As of Monday, China’s national average price of 99.7% aluminum ingot rose another Yuan 120/t