The alumina price on a fob Australia declined below $260 per tonne on Friday March 27 after the market continued to react to falling aluminium prices.
Fastmarkets'
alumina index, fob Australia fell to $258.83 per tonne on Friday, following a 25,000 tonne tender from producer Vinacomin concluding at $258 per tonne fob Go Dau, Vietnam.
The index is now at its lowest level since October 6, 2016, when it was at $247.58 per tonne.
"Everyone knew the tender was going to come in low. There were bids down as far as $240 per tonne, prices are dropping quickly," a consumer said.
Market participants reported that there can be a freight saving for the cargo, which has second-half April laycan dates, compared to fob Australia cargoes.
Producer, consumer and trader sources assessed the deal on a fob Australia basis of around $254 per tonne.
There was another identical 25,000 tonne Vietnam tender offered to the market, but the price for this tender had not been...