Fastmarkets’ daily fob Australia alumina index dropped to $387.26 per tonne on Thursday, down from $402 per tonne the previous day.
The index is now 7.2% lower than at the start of April when cargoes were trading as high as $417 per tonne.
“All a sudden there are multiple cargoes coming out of the woodwork from all angles and the price is rapidly falling,” a trader said.
The most recent deal concluded on a fob Australia basis concluded at $380 per tonne for early May delivery.
But traders noted in the past week there have been an increasing amount of different alumina shipments offered on the market. This is a stark difference to the past few months where the alumina market, especially in the Pacific, has been increasingly tight.
“For the past year we have been used to one cargo a week – usually a Nalco...