On November 08, 2024, Shanghai Metals Market saw the price of alumina rise to RMB 5,391 per tonne on average. However, the real eyecatcher was the price climb in the provinces of Lianyungang and Bayuquan. The price of alumina has been on a rapid surge spree since the beginning of September. Despite the five other provinces witnessing the surge, these two provinces kept a steady heed in alumina pricing. Surprisingly (or is it?), in the past 6 months (till October 22), the price of alumina in Bayuquan and Lianyungang has skipped over RMB 1600 per tonne. The W-o-W price has seen a 14 per cent hike in both provinces.
Chinese port inventories in the aforesaid provinces have dipped to over-exhausted levels since at least 2015. Contributing factors like Guinea's export disruption, Australia's bauxite mining and alumina production hurdles and high production demand in the country has led to the present scenario of alumina pricing in the chinese metals market. With spot cargoes ceasing existance fast, traders as well as smelters have been approaching other sellers in newer and non-conventional western markets, according to relevant sources.
The alumina price in Shandong on Friday ranged between RMB 5,300-5,400 per tonne (+50), understandably, with an average of RMB 5,350 per tonne. In Guizhou and Guanxi, the average alumina price was also seen to be RMB 5,350 (+75) per tonne, but it had a slightly different range of RMB 5,250-5,450 per tonne. The prices in Henan and Shanxi were RMB 5,400 and RMB 5,450 per tonne, respectively.
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