In Shandong and Henan, alumina price has increased by RMB 10 per tonne, marking the second consecutive day of rise. The prices in Shandong and Henan have amassed a total of RMB 20 per tonne in two days to settle at RMB 3,925 per tonne and RMB 3,915 per tonne on September 3. The average prices are estimated to range between RMB 3,880-3,970 per tonne and RMB 3,850-3,980 per tonne, respectively.
In contrast, alumina prices in Shanxi, Guizhou, and Guangxi have recorded restraints at RMB 3,945 per tonne, RMB 3,935 per tonne, and RMB 3,955 per tonne, respectively. The Australian alumina FOB price has also remained unchanged at US$521 per tonne since August 20.
Year-to-date, the average alumina spot price has gained RMB 778 per tonne. The maximum growth was recorded from April 23 to May 28 by RMB 603 per tonne. In the subsequent period, the price was range-bound until it started escalating on August 28. The price rally of China’s domestic alumina since the beginning of 2024 could be attributed to supply constraints due to operational halts at refineries for maintenance, coupled with the Indonesian bauxite export ban from June 10, 2023. Amid all this, the unprecedented rise in China’s domestic primary alumina production pushed the ore prices up.
