recently announced to raise aluminum price from 3,600 yuan/ton to 3,
800 yuan/ton following monopolizing Aluminum Corp of China's (Chalco)
price hike on Nov. 27, marking significant change of domestic aluminum
market.
This price hike may results from increasing imported bauxite price and
brisk domestic demand. Indonesian government attaches more
restrictions for bauxite export and has halted production of
unlicensed local producers.
During October, China imported 1.091 million tons of bauxite from
Indonesia in comparison with 1.926 and 1.55 million tons in August and
September respectively.
Plus, China imported 4.096 million tons of bauxite from India during
Jan.-Oct., up from 217,000 tons in 2006. Furthermore, the CIF price of
imported bauxite from India hovers at above 80 U.S. dollars per ton,
up 60 percent from the beginning of 2007.
Surveys show that China's prime aluminum output recorded obvious
growth during Aug.-Oct. with an annualized output of 13 million tons.
"We have emptied our four aluminum stockpiles thanks to increased
orders and we expect smelters could absorb the lifted prices," said
sources from Aluminum Science and Technology Co., Ltd. in east China'
s Shandong Province.
Chalco's last price adjustment happened in September when it cut
aluminum price from 3,900 yuan/ton to 3,500 yuan/ton due to market
glut.
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