The rallying speed of the global alumina price may slow following breaking news that Norsk Hydro's Alunorte alumina refinery's production embargo was repealed on Monday, market participants told Fastmarkets on Tuesday May 21.
"Hydro's return may not stop the rising trend in both domestic and global alumina prices for a short period because the resumed production may not come to the market instantly, but it can't move up as sharply as before because this certainly will have a negative impact on the market sentiment and its long-term supply," an alumina trader said.Fastmarkets' benchmark fob Australia alumina index was pushed up to $360.66 per tonne on Friday May 17 from $347.03 per tonne a day prior before settling at $362.88 per tonne on May 20, gaining support from a cargo bought by a Chinese trader at $373 per tonne, which was reportedly concluded on May 17. The growing buying interest from China continued to support the price to move higher on Monday.A new deal for Australia-origin alumina done at $383 per tonne was reported to Fastmarkets yesterday before Hydro's official announcement, which set a...