Alumina price CFR Australian ports is approaching to $292 which is the lowest level since 2 years ago. This drop is caused by the Hydro Aluminium Metal Products S.R.L. announcement that is going to increase its output (3 million MT) in Brazil.
It is reported that Chinese companies are ready to bid $300 CIF per MT in purchase tenders of Australian alumina in Chinese ports, decreasing the Australia rate to $280 FOB.
2 MT of alumina is used to produce one MT of aluminum ingot so the decrease of alumina price (-26%) is a good news for Iran and the companies producing aluminum ingots.