Global alumina prices have plummeted over the past two months in June and July due to poor demand and a surplus of excess cargoes in the market.
Alumina prices in Western Australia, Brazil and China are all down over 15% since May and close to their lowest level in over two years. This is a stark contrast to this time last year, when alumina prices were trading close to record highs following strikes at Alcoa's refineries in Western Australia and the production embargo at Hydro's Alunorte alumina refinery in Brazil. "The market has been on a rollercoaster for the past 18 months or so, and it is not stopping. Things steadied for a few months at the start of this year, but now the drop has hit hard," a trader said. Fastmarkets' benchmark alumina index, fob Australia, was most recently published at $298.08 per tonne on July 16, down from $310.33 per tonne week on week.The index is now 15% lower than $347.03 per tonne on May 16 and down by 57% from its record level of...