Aluminum stocks showed strong performance in early trading. As of press release, China Aluminum (02600) rose 4.5% to HK$6.05; China Hongqiao (01378) rose 1.62% to HK$12.54.
The Zhitong Finance App learned that aluminum stocks had strong early trading performance. As of press release, China Aluminum (02600) rose 4.5% to HK$6.05; China's Hongqiao (01378) rose 1.62% to HK$12.54.
According to the news, Rio Tinto Group announced force majeure factors for alumina shipments from the two smelters Yarwun Smelter in Australia and Queensland Alumina Co., Ltd., saying there was a shortage of natural gas inventory/supply for power generation, and the operating capacity of the two alumina companies fluctuated to 6 million tons (4% of global operating capacity). Affected by the news, Alumina's main contract hit a rise or fall during the day, reporting 4,158 yuan/ton, an increase of 7%.
Guolian Securities previously pointed out that plans to resume production in domestic bauxite mines are still unclear, and imported ore prices are running high; tight supply at the mine side is the main factor limiting the utilization of some idle domestic alumina production capacity, and it is also the root cause of difficulties in domestic alumina supply to increase significantly in the short term. The contradiction between supply and demand for alumina has intensified, catalyzing price increases, and alumina production profits have increased significantly.