Chinese Alumina Market Hits All-Time Highs in Early 2024 Amid Bauxite Supply Anxieties

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Surge in Chinese Alumina Prices Sets New Records in the Opening Weeks of 2024

As the calendar turns to 2024, the Chinese alumina market is experiencing an unprecedented surge, reaching record highs and sparking concerns amidst bauxite supply uncertainties. Recent data from the Shanghai Metals Market reveals a remarkable uptick in alumina prices, with the average spot price climbing to RMB 3,154 per metric ton on Tuesday, January 2, 2024. This surge represents a significant increase of RMB 35 per metric ton since the preceding Friday, resulting in a notable week-over-week rise of RMB 128 per metric ton from RMB 3,026.

The price escalation is not confined to a specific region, as provinces such as Henan and Shanxi witness a surge by RMB 50 per metric ton, settling at RMB 3,180 and RMB 3,215 per metric ton, respectively. Alumina prices in Guizhou, Guangxi, and Shandong also experience increases of RMB 25, RMB 20, and RMB 15 per metric ton, establishing prices at RMB 3,115, RMB 3,130, and RMB 3,065 per metric ton. In the backdrop of this surge, the A00 aluminium ingot price demonstrates resistance to growth, maintaining stability despite minor fluctuations.

Contrary to the rise in alumina prices, the A00 aluminium ingot price has displayed resilience. From December 29, the aluminium ingot price has remained relatively stable, experiencing a slight decrease of RMB 90 per metric ton over the weekend, stabilizing at RMB 19,480 per metric ton as of January 2, 2024. Despite this minor dip, the price maintains a 1.46% increase from RMB 19,200 per metric ton on a week-on-week basis and a 4.39% rise compared to RMB 18,660 per metric ton on a year-on-year basis.

This pricing trend is reflected across various Chinese provinces, with cities like Wuxi, Hangzhou, Chongqing, and Tianjin experiencing consistent decreases in the A00 aluminium ingot price. Additional provinces like Shenyang, Foshan, and Linyi witness declines of RMB 80, RMB 70, and RMB 60 per metric ton, respectively.

Furthermore, on January 2, 2024, aluminium alloys have not witnessed substantial price growth. While the price of aluminium alloy (A356) has decreased by RMB 100 per metric ton, the prices for aluminium alloys (ADC12) and (A380) remain stable. The Shanghai Metals Market anticipates the average price of aluminium alloy (A356) to range between RMB 20,000 and RMB 20,300 per metric ton.

Source: Apazone

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