Alumina prices have been under pressure because of oversupply and high freight costs deterring buyers in China from importing despite low prices.
Fastmarkets assessed its daily benchmark alumina index, fob Australia
at $274.15 per tonne on Monday May 24.
Since the start of the year, the London Metal Exchange three-month aluminium price has been steadily rising. It closed at $2,387 per tonne on Monday, up 20% since January 4 when it opened at just $1,980 per tonne.
The three-month contract hit a year-to-date high of $2,603 per tonne on May 10, its highest level since 2018.
At the same time, alumina prices have dipped. The index was trading 9% higher at the start of the year at $303.41 per tonne.
“The aluminium spike earlier this month really had no influence on alumina prices....