Chinese domestic alumina prices edge down further on weak market

China's domestic alumina prices edged down further this week on the back of prevailing high stockpiles and a weak ingot market, local sources said. Domestic offers were indicated at Yuan 3,150-3,200/mt ($459-466) this week, down marginally from Yuan 3,200-3,250/mt a week ago. "Offers are mostly around Yuan 3,100/mt and slightly above, but serious buyers can actually negotiate down to below Yuan 3,100/mt this week ... the market is just too weak and most alumina refineries have high stockpiles," a source from smelter Yunnan Aluminium said, adding that prices were expected to stay weak in the near term. A China Minmetals source agreed, adding that the recently revised offers from Chalco and the prevailing weak domestic ingot market also pressured alumina prices. Chalco lowered its spot alumina offer price to Yuan 3,200/mt on... [read full story]