The benchmark fob Australia daily alumina index has fallen back below $450 per tonne for the first time since June 2018. It was most recently assessed on Friday November 5 at $442.50 per tonne.
Traders note that there has been increased availability of Western Australian alumina cargoes in recent weeks and fewer bids on weekly tenders, which is pushing the market lower.
“We are in a complete bearish market now, alumina cargoes that have not been available for months are being offered,” a trader said.
“Nobody is desperate to buy anymore though so the competition is less fierce, we are coming up towards the end of the year and winding down,” he...