The Platts Australian alumina daily evaluation was stable Tuesday at $297/mt, unchanged from last Thursday, yet down $3.50 on the week and also down $18.50 from a month previously.
Platts did not publish alumina analyses on Friday and also Monday due to a four-day weekend in Singapore for extended National Day celebrations.
Market view stayed bearish on Tuesday as aluminum costs stayed soft and also need for spot alumina lackluster, with buyers anticipating rates to continue evaluating lower in the near term.
A Chinese consumer/reseller priced estimate $315/mt CIF China basis for a 30,000 mt Western Australia freight, first half September loading, yet claimed Chinese buy concepts were mainly below $310/mt.
" Purchasers are looking at $293-295/ mt FOB Australia now, yet sellers are not going to boil down," he said.
An Eastern consumer/reseller claimed he was "trying to sell a September-October 30,000 mt Australian freight at index price now, however everyone is speaking prices down."
A refiner source and also two Chinese smelters all pegged sellers' concepts around $310-$315/mt CIF China presently.
" atmp chemical can most likely accept $310/mt CIF currently, however absolutely nothing higher," a Henan smelter said.
A South China smelter resource said Chinese purchasers would likely pay $298-$300/mt FOB Australia for August-September freights, however were not interested in shipments from October onwards as domestic smelter cuts impended.
The overview for Chinese residential alumina also continued to be bearish Tuesday as market individuals returned from a market occasion in Beijing last week.
Talks of smelter cuts continued at the meeting, yet no systems or target dates resulted, sources said.
"It's still just a lot of talk ... yet as metal prices stay reduced, many still expect the cuts will certainly take place sooner or later, currently likely in the 4th quarter of the year," the South China smelter resource said.
The Platts ex-works Henan alumina assessment was secure Tuesday at Yuan 2,350/ mt ($377/mt) for 70:30 cash money and also credit settlement terms, the same from recently, but down Yuan 30 on the month.
There was a lack of quotes as well as provides as market participants remained to wait for more clear instructions, resources said.
The front month August aluminum contract on the Shanghai Futures Exchange closed at Yuan 11,955/ mt, down from Yuan 12,045/ mt last week, as well as from Yuan 12,305/ mt a month earlier.
The domestic cost of Yuan 12,000/ mt is seen by many market individuals as the assistance degree for light weight aluminum, as well as smelter cuts are expected to become more evident if prices continue below that degree in the near term, Chinese sources said.