The Chinese alumina price recently reached a floor and began entering into a rebound on the spot market, however, excess market supply has limited the uptrend, market participants said.
"The bearish news of large quantities of imported material continuing as well as an oversupplied domestic market have been digested by the market already so we assume the price will enter an upward trend from now on," an alumina analyst in Beijing said.This is the third consecutive week of price increases after the price hit its lowest since May 22, 2017 at 2,300-2,420 yuan per tonne on December 19, 2019. But the rate of acceleration appeared to be slowing down, with the price moving up by 35 yuan per tonne to reach 2,330-2,460 yuan per tonne on December 27 from 2,300-2,420 yuan per tonne on December 19 on its first...