China spot alumina holds at Yuan 3,180/mt as market returns
http://www.chemnet.com Oct 09,2018 S&P Global PlattsSingapore — The Platts China Shanxi daily spot alumina assessment was stable at Yuan 3,180/mt ($461) full cash terms Monday as the market returned from an extended holiday from October 1-7 to celebrate National Day.
No trades, bids or offers were reported, as the market eyed clearer direction following output developments at Hydro's Alunorte refinery in Brazil over the weekend, sources said.
Hydro announced over the weekend plans to continue production at 50% of capacity, after it had said last week it would fully shut down operations.
Alunorte obtained permission at the weekend to use a press filter for processing bauxite residues, which in turn will allow the refinery to continue operations, Hydro said in a statement.
On Monday, tradeable values for domestic Chinese spot alumina were heard at Yuan 3,000-3,200/mt cash, while offers remained at Yuan 3,200-3,300/mt, multiple market participants said.
"It's too early to tell, we just came back," a Beijing-based trader said.
"Prices are probably going to test lower, we'll have to wait and see," a Shanxi-based refiner said.
The front-month primary aluminum contract on Shanghai Futures Exchange closed at Yuan 14,430/mt, up from Yuan 14,290/mt on September 29, but down from Yuan 14,570/mt a month ago.