According to Shanghai Metals Market, the alumina output in China stood at 5.82 million tonnes in August and is likely to be about 5.8 million tonnes in September.
Shanghai Metals Market report shows, the average spot price of alumina in China has extended its rise in September, which started during mid-August. The price currently stands at RMB 2604 or US$ 368 per tonne as updated on September 30 and it has been flat at this level since September 25. The price started the month of September at RMB 2528 or US$356.6 per tonne and is on an upward curve since then.
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In the international scenario, imported alumina price remains flat at RMB 2700 US$359.5 per tonne since August. Australian alumina FOB price currently stands at RMB 2108 or USD 295 per tonne. The price was on a steady downward curve since end of August when it stood at RMB 2110 or US$ 298 per tonne. The price saw an increase on September 25 and has been flat since.
Prices are likely to stay within a range of US$350 to US$ 370 during October.
International prices are on a downward curve due to abundant supply. The surplus was primarily driven by slow growth in aluminium production and higher alumina production due to the resumption of Alunorte, the start-up of Al Taweelah in the UAE and the ramp-up of Fria in Guinea.
According to Fastmarkets’ daily alumina index, the benchmark alumina price in the Pacific region has fallen to a fresh two-year low and below US$290 per tonne for the first time since May 25, 2017. According to the index, FOB Australia fell to $289.13 per tonne on Monday September 30, from US$290.40 per tonne on Friday September 27.
The index is down 27% from early 2019 and 42% YoY from US$500 per tonne on September 28, 2018.
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