“Hydro’s return may not stop the rising trend
in both domestic and global alumina prices for a short period because the resumed production may not come to the market instantly, but it can’t move up as sharply as before because this certainly will have a negative impact on the market sentiment and its long-term supply,” an alumina trader said.
Fastmarkets' benchmark fob Australia alumina index
was pushed up to $360.66 per tonne on Friday May 17 from $347.03 per tonne a day prior before settling at $362.88 per tonne on May 20, gaining support from a cargo bought by a Chinese trader at $373 per tonne, which was reportedly concluded on May 17.
The growing buying interest from China continued to support the price
to move higher on Monday.
A new deal for Australia-origin alumina done at $383 per tonne was reported to Fastmarkets yesterday...