Monday, July 29, 2019
Global alumina and bauxite markets.
Alumina prices have eased to around 400 dollars per tonne from a peak of 700 dollars in early 2018. Nonetheless, the price ratio of alumina to aluminium is close to 30%, above the long-term 20% trend. In 2018, the combination of US sanctions targeting Rusal, a Brazilian freeze on production at Norsk Hydro’s Alunorte refinery and an environmental crackdown in Malaysia supported prices. In China, winter pollution curbs in late 2018 were more lenient than expected, enabling traders to fill gaps with exports. Chinese output hit record daily levels in June.