There are mixed signals from China this week. Withpreliminary Chinese aluminium products export datashowing a jump to 420,000 tonnes in March 2016 – up50% month-on-month, and 16.7% year-on-year – morerobust alumina demand growth might be expected inthe near-term. But while smelters seem willing to payfor higher priced alumina, traders report that it isincreasingly difficult to achieve reasonable margins atpresent. Two buyers which CRU talked with this week are currently busy swapping contract cargos forlater delivery dates, suggesting that domestic demand for alumina may be weaker than that indicated bythis week’s price rise.
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