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China's spot alumina price slips Yuan 10/mt on weak sentiment

Friday, Mar 08, 2013
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China's spot alumina price ex-works Henan slipped Yuan 10/mt ($1.60/mt) Thursday to Yuan 2,610/mt for up to 30% credit payment terms, on the back of prevailing weak market sentiment, industry sources said.


"There's been a lot of talk this week of lower prices because aluminum is so weak," a Henan refiner source said.


"We heard some refiners may be quoting lower, but we're still offering Yuan 2,630/mt for up to 30% credit payment terms, though we've had no trades so far this week," he added.


A Shandong refiner said Thursday he was quoting spot at a lower Yuan 2,620-2,630/mt for up to 50% credit terms, which was down about Yuan 10/mt from Wednesday.


"We're not optimistic about the market and we think there's a high chance of obvious smelter cuts in the coming weeks, especially if there's no strong support from the government announced after the 12th National People's Congress meetings going on now," the Shandong refiner said.


A Northwest smelter source said he was offered Henan spot Thursday at Yuan 2,590-2,610/mt cash up to 20% credit terms, while a Beijing trader pegged Henan prices at Yuan 2,600-2,620/mt for cash up to 30% credit.


Meanwhile, sources also indicated spot alumina prices at around Yuan 2,520/mt cash ex-works Guangxi basis, and at Yuan 2,520-2,550/mt cash to partial credit ex-works Shanxi basis.


The front month March aluminium contract on the Shanghai Futures Exchange closed at Yuan 14,690/mt Thursday, marginally up from Yuan 14,600/mt on Wednesday, but down from Yuan 15,130/mt on December 31, 2012.

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