Fastmarkets' benchmark alumina index, fob Australia fell to $292.50 per tonne on Tuesday September 17, its lowest since May 25, 2017, and remained little changed at $292.51 per tonne the following day.
“Demand is poor and there are a lot of unplaced cargoes in the market,” a trader said. “[A price of] $290 per tonne is a fair number now, even though it is incredibly low.”
The most recent deal heard concluded was at $302 per tonne for the latest PT Well Harvest Winning (WHW) tender, on an fob Indonesia basis.
Market participants saw a discount of as much as $10 per tonne for Indonesian material against prices in the fob Australia market.
“The most recent deal seems strange to me,” a second trader said. “There is confusion over whether it will go to Malaysia or not, and it was quite a high price.”
Multiple other tenders were also issued in the week beginning September 16, which...