China's Shanxi spot alumina firms Yuan 50/mt to Yuan 2,800/mt
http://www.chemnet.com Jan 10,2018 PlattsThe Platts ex-works Shanxi daily spot alumina assessment firmed Yuan 50/mt ($7.70/mt) Tuesday to Yuan 2,800/mt cash. The current level is an increase of Yuan 120/mt on the week, but down Yuan 350/mt from a month ago.
A smelter in southern China said he received spot offers this week at Yuan 2,800-2,900/mt cash, ex-works Shanxi, but would not pay more than Yuan 2,800/mt currently.
"I just bought 30,000 mt Shanxi alumina at around Yuan 2,730/mt on a term basis, so am in no rush to buy spot at much higher levels," he said.
Another smelter put tradeable spot prices across China at a wide-ranging Yuan 2,600-2,800/mt levels.
"All levels are possible depending on positions," he said.
A Shanxi-based refiner put spot offers at a wide ranging Yuan 2,800-3,000/mt, smelter buy ideas at around Yuan 2,700/mt, and potential tradeable levels at Yuan 2,750-2,850/mt.
"But we didn't hear of any trades, so direction is still very unclear," the refiner said.
On Tuesday, near-term outlook remained mixed, with some expecting higher prices on the back of potential restocking ahead of the Lunar New Year in February, and others eying lower on a weak near-term aluminum outlook.
The front-month primary aluminum contract on the Shanghai Futures Exchange closed at Yuan 14,880/mt on Tuesday, down from Yuan 14,985/mt last week, but up from Yuan 14,095/mt a month ago.