Chinese spot alumina prices largely flat, futures gain further

Web Desk January 29, 2026

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Chinese spot alumina prices largely flat, futures gain further

According to Mysteel’s daily price assessment, the national average spot price for metallurgical-grade alumina with a minimum purity of 98.6 per cent came in at RMB 2,648 per tonne (USD 381 per tonne), including the 13 per cent VAT on Wednesday, nudging down by RMB 1 per tonne from the day prior.

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The stability in prices reflected sparse price inquiries and quotations in spot alumina markets across most of China’s five major alumina-producing regions. Assessed spot alumina prices in Shandong, Shanxi, and Guizhou provinces and in the Guangxi autonomous region all stayed unchanged from the previous day, averaging between RMB 2,555 per tonne and RMB 2,740 per tonne on Wednesday. In contrast, the price in Henan province fell by a further RMB 5 per tonne on the day to sit at RMB 2,635 per tonne.

Also Read: WEEKLY: China’s spot alumina slips further under rising inventories

In the derivatives market, alumina futures continued to gain ground. The most-traded alumina contract on the Shanghai Futures Exchange for May delivery jumped by 3.27 per cent in Wednesday’s daytime trading and extended the rally by a further 1.81 per cent overnight to close at RMB 2,820 per tonne by 1 a.m. Thursday. This marked the contract’s highest price level in more than two weeks.

Despite the strength in futures, trading activity for spot alumina remained muted yesterday, with both alumina buyers and sellers adopting a wait-and-see stance. With adequate feedstock inventories on hand, primary aluminium smelters either showed limited restocking interest or were only willing to procure the feed at lower prices. Meanwhile, many alumina refiners and traders were reluctant to lower offers, underpinned by recent production curtailments.

Mysteel did not hear of any concluded deals in the domestic spot market on Wednesday. However, two overseas deals totalling 60,000 tonnes of alumina were finalised on the same day. A 30,000-tonne cargo was traded at USD 325 per tonne FOB Jamaica, while another 30,000-tonne deal was concluded at USD 327 per tonne FOB Brazil, both for March shipment.