Australian Alumina falls 50 cents due to supply overhang & tight cash flows

According to Platts Australian assessment, alumina fell to $315.50/mt from 50 cents/mt, due to supply overhang, tight flow of cash and less buyers. Alumina bid levels were $310-312/mt.

The assessment was low by $5.50/mt on week, monthly by $8/mt & $18/mt since the beginning of the year. In the recent time, multiple consumer as well as the trade participants have turned down offers of western origin & Australian alumina for shipment in the months of May, June, July & August.

Suppliers were asked to sit on global long positions where they would approach the potential buyers for time as well as for origin swaps, said sources.

In addition to that, sellers have already started substituting cargoes from Australia with the parcels from western regions in fulfillment of their term contracts, said sources. Supply pressure from western world will free up inevitably more tonnes in Asia Pacific region and this have put further downward pressure on Australian prices.

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