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China alumina producers cut domestic prices
REUTERS
Beijing: China's major producers of alumina have cut the domestic price to 2,900 yuan per tonne as of September 1, a 9.4 per cent decline over the previous month, an industry source said. The August price was 3,200 yuan per tonne. The group, which includes the major national domestic metals trading companies such as China Nonferrous Metals Trading Group and the China Minmetals Group, had just concluded its monthly price-setting meeting, the source said.Despite the cut, the Chinese domestic price at an equivalent of about $351.5 per tonne, remains much higher than international alumina prices, which have collapsed in recent weeks. Spot alumina is trading at between $200 and $220 a tonne, down from $400 a tonne in January, and analysts are predicting that prices could dive to $150 - $160 before year end. Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.
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