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| China's domestic spot aluminum alloy ADC12 offers gain on higher primary ingot prices |
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| News Source：http://www.jinchemical.com/
; SendDate：2014-5-5 16:51:57 |
Offers for China's domestic spot aluminum alloy ADC12 gained amid stronger primary aluminum ingot prices, industry sources said Tuesday, with domestic demand steady ahead of the Labor Day holiday May 1-3, when Chinese markets will close.
Domestic offers for ADC12 were heard at Yuan 14,800-15,200/mt ($2,365-2,429/mt) this week, up Yuan 100-200/mt from last week.
Platts lifted its weekly China domestic ADC12 assessment to Yuan 14,800-15,200/mt ex-works Tuesday, from Yuan 14,800-15,100/mt the previous week.
"Our domestic offers have gone up to Yuan 15,200/mt this week, up about Yuan 100/mt from last week. This gain is not due to an increase in demand but higher aluminum ingot prices. In fact, domestic demand has stayed steady. We have not seen any significant change in the demand," said an east China-based producer.
A south China-based producer and a second east China-based producer have also raised their domestic offers in view of higher primary ingot prices.
"Our offers are Yuan 15,100-15,200/mt, up Yuan 100-200/mt from last week. Generally, domestic demand has been steady. The upcoming Labor Day holiday is a short holiday and I don't expect much impact on domestic demand," the southern Chinese producer said.
The second eastern Chinese producer was offering at Yuan 14,800-14,900/mt, up around Yuan 100/mt from last week.
Chinese domestic spot aluminum ingot was around Yuan 13,410/mt, up from Yuan 13,000/mt last Tuesday, while the May aluminum futures contract was at Yuan 13,345/mt on the Shanghai Futures Exchange Tuesday, up from Yuan 13,160/mt the previous week.
Meanwhile, Japan's spot import trade remained thin as there were very few spot inquiries from Japanese buyers as Japan was closed Tuesday for a public holiday, Chinese industry sources said.
Sources said the yen had stayed at above Yen 102 to the dollar this week, similar to that heard last but weaker compared with Yen 101-102 seen two weeks ago.
Platts kept the ADC12 export assessment steady at $2,060-2,080/mt FOB China Tuesday, unchanged from the previous week.
"There's no change from the previous week, my offers remain at $2,090/mt CFR Japan. The Japanese market is extremely quiet due to the public holiday today," said an east China-based producer.
Another producer based in the region said: "My export offers are steady around $2,100/mt CFR Japan, unchanged from last week. I have no inquiries from Japan so far this week."
A south China-based producer said his offers were steady at $2,070-2,080/mt CFR Japan.
"There have been trades going to Japan every now and then. But they are of small tonnages and the profit margin is thin. Anyway, LME primary aluminum prices are going up and this will lift aluminum scrap prices," the southern Chinese producer added.
Chinese producers use imported aluminum scrap for export-grade ADC12.
Chinese sources heard import offers of Zorba-grade in excess of $1,600/mt CIF China, compared with around $1,600/mt last week.
China imported 200,000 mt of aluminum scraps for March, unchanged from last March but up 17.6% from February, latest data from the General Administration of Customs showed.
For the first quarter, imports totaled 570,000 mt, down 0.6% year on year.
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