The Price Of Alumina in China Increased Significantly in The First Half Of The Year
Jul 09, 2024
According to the Zhitong Finance APP, aluminum stocks have risen, and as of press release, China Hongqiao (01378) has risen 4.27% to HKD 12.2; China Aluminum (02600) rose 2.7% to HKD 5.7.
On the news side, according to Mysteel, the price of domestic alumina increased significantly in the first half of 2024. The average spot price of domestic alumina in the first half of the year was 3906 yuan/ton, a year-on-year increase of 34.64%. Since the beginning of this year, the price of Chinese alumina has continuously broken through new highs, and the main reason for the price increase is the mismatch between supply and demand. During the same period, overseas alumina prices fluctuated strongly. As of the end of June 2024, the FOB price in Australia had risen to $505 per ton, a year-on-year increase of 52.57%.
According to a previous research report by Damo, 5.9 million tons of alumina were blocked globally, which is equivalent to approximately 10% of global supply after deducting China. Due to China's need for more imports, the global alumina market is further constrained, and the supply of alumina in China and globally is more tight, resulting in longer periods of high alumina prices. Raise the target prices for China Hongqiao and China Aluminum to HKD 15.1 and HKD 7.5, each maintaining an "increase" investment rating.
This article originates from: Zhitong Finance Network
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