The Chinese domestic alumina price hit a fresh low on Thursday August 8 after falling for 13 consecutive weeks as a result of weaker domestic demand and an oversupplied market.
Fastmarkets assessed the price of alumina metallurgical grade, ddp China at 2,380-2,450 yuan ($337-347) per tonne on Thursday, down 22.72% from the May peak of 3,050-3,200 yuan per tonne. Some market participants reported hearing deals concluded at 2,350-2,380 yuan per tonne this week from a big alumina producer in southern China who has being struggling to shift large stockpiles. Other suppliers, including China Hongqiao Group, Xinfa Group and Jinjiang's subsidy in northern China, were also said to be holding high...