Alumina Atlantic differential flips to small premium; Pacific oversupply continues

Alumina cargoes in Brazil were trading at a slight premium to Australian material on Thursday February 25 due a muddled supply picture, but opinions on the market's direction remained mixed.

Fastmarkets' alumina index adjustment to fob Australia index, Brazil, was at a premium of $0.90 per dry metric tonne compared with Australian units on Thursday, against a $4.51 per dmt discount on January 14.
This was the first time that Brazilian material had traded at a premium since September 2020.
There was still a shortage of units in the Atlantic region, market participants said, and this has narrowed the differential significantly over the past month.
"The positions have changed in the Atlantic," a trader said. "People who were long there have shifted units. There isn't much material around on a spot basis, and that is why we're seeing a slight premium."

In normal supply-and-demand conditions, the Brazilian market trades at a discount to Australia, but with an oversupply of cargoes in...

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