A buyers’ market, weak sentiment, and lower refining costs combined to see the raw material post fresh lows on an almost weekly basis in the fourth quarter, market participants told Metal Bulletin.
“Everyone is shocked at the rate prices are going down. We could see numbers in the $190s before the end of the year,” a consumer said.
Until the end of August, alumina’s price falls were relatively well correlated with those of aluminium, as both markets were squeezed by weaker global demand and sustained oversupply.
But the two prices have since diverged, as alumina prices lost psychological support...