China's Alumina Market to Seek New Direction

According to the news from Singapore on August 28, China’s spot alumina prices ended up keeping the markets range-bound on Friday. The market participants continue to focus on the RMB exchange rate and stock market, to seek a more clear direction.

Earlier this week, RMB depreciation and stock market crash increase the pressure of alumina/aluminum market.

Someone said that although the stock market and RMB get rebounded slightly, the outlook remains bleak, and the alumina prices is expected to test the low ones in the short term.

A smelters in southern China thought people remain pessimistic about the RMB exchange rate, so everyone is very cautious.

A Beijing trader said: "RMB and stock market still keep volatile and we have to wait for the market to settle down."

At present, the refiners are reluctant to cut offer further, and they would like to wait for clearer guidance. At the same time, smelters don't rush to purchase, because they have adequate reserves of raw materials.

Recently, China Nonferrous Metals Industry Association Aluminum Branch called up part of the backbone electrolytic aluminium enterprises to carry on the discussion with Henan Nonferrous Metals Industry Association.

Preliminary statistics shows that part of the attending enterprises will soon close the electrolytic aluminium production capacity of about 2.4 million tons. According to statistics, the domestic electrolytic aluminium production capacity is of 35.8 million tons in 2014, and it is expected that the annual capacity will be increased 39 million tons - 40 million tons in 2015.

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