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Aluminum Oxide Prices Were Rising, with Strong Cost Support for Aluminum Prices

2024-05-27

Latest company news about Aluminum Oxide Prices Were Rising, with Strong Cost Support for Aluminum Prices

Aluminum prices were rising

Aluminum prices rose on May 22nd. According to the Commodity Market Analysis System of SunSirs, the average price of domestic aluminum ingots in the East China market on May 17, 2024 was 21,156.67 RMB/ton, a daily increase of 1.89%, up 3% from the market average price of 20,540 RMB/ton at the beginning of the month (May 1).

Prices of raw alumina were rising

Affected by the news that Rio Tinto Group announced that its Australian Yarwun smelters and Queensland Alumina Limited had experienced force majeure in alumina shipments, with prices skyrocketing due to shortages in natural gas inventory/supply for power generation, domestic raw material alumina prices had remained strong.

The rapid increase in alumina prices had provided strong cost support for aluminum ingot prices.

Aluminum prices tend to fluctuate to be stronger in the future market

As of May 22, there was not much explicit inventory of aluminum ingots in China, and the post holiday inventory situation was better than market expectations. There was expected to be an increase in supply, but due to the relatively high domestic aluminum prices and the closure of the import window, the surge in LME inventory had little impact on the domestic market. The inventory of aluminum ingots and rods in mainstream consumer areas had been slightly depleted, with good consumption expectations and a relatively balanced supply and demand in the short times; The cost side had recently received strong support, and the demand side was expected to improve. In the short term, it is expected that the market will fluctuate to be stronger.

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