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Print[Ferro-Alloys.com] China's domestic offers for aluminum alloy ADC12 slipped on the week on the back of the persistent weakness in aluminum ingot prices, industry sources said Tuesday.
This is in addition to the weak buying interest in view of the summer lull when plants carry out their scheduled maintenance.
Leading producer Sigma Metals reduced its offers to 17,000/mt (USD2,763/mt) ex-works Tuesday, down from RMB17,100/mt last Tuesday, while most non-Sigma offers fell about Yuan 100/mt from RMB16,300-16,700/mt seen the previous week.
Platts lowered its weekly China domestic ADC12 assessment to Yuan 16,300-16,600/mt ex-works Tuesday, from RMB16,400-16,600/mt last Tuesday.
"I even heard offers at below Yuan 16,000/mt due to the extremely weak demand in view of the summer lull," a South central China-based producer said. "Generally, the market level is still above RMB16,000/mt although it has dropped about Yuan 100/mt from last week due to weak demand and ingot prices."
Chinese buyers said they heard offers above Yuan 16,000/mt with one eastern China-based diecaster having concluded a deal at RMB16,300/mt.
Sources added that the aluminum scrap price appeared to have softened in view of the persisting weakness in aluminum ingot prices.
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