Chinese spot alumina prices rallied further on Wednesday as offers continued to rise on strong sentiment, driven by a combination of tight spot supply, prevailing transport issues, increased costs, seasonal restocking, environmental inspections, and anticipated heavy snow this winter.
The Platts China daily alumina assessment ex-works Shanxi basis stood at Yuan 2,900/mt ($421/mt) full cash terms on Wednesday, up Yuan 50/mt from Tuesday, and also up Yuan 100/mt on the week and Yuan 220/mt on the month.
On Wednesday, a south central China smelter reported buying 20,000-30,000 mt at Yuan 2,900/mt cash ex-works Shanxi basis.
"We have no choice, offers are all going up and prices will likely reach Yuan 3,000/mt soon, and we'll probably have to keep paying," a source from the south central China smelter said.
