MYMETAL: China Al price losing ground despite low stocks
Sep 16, 2020 11:30
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As of September 15, China’s national price of 99.7% aluminum ingot fell for the third straight week by another Yuan 88/tonne ($13/t) on week to Yuan 14,624/t including 13% VAT under the mounting pressure of higher output and lower alumina prices, according to the assessment of Mymetal, Mysteel’s nonferrous metals data collection arm.
“There is the growing concern on the increasing aluminum supply, as the domestic aluminum producers have been ramping up their output and their new capacities have been commissioned one another another in recent months,”commented a Shanghai-based market source.
The latest data from China’s National Bureau of Statistics showed that the primary