SHANGHAI, Feb 29 (SMM) –As of Feb 23, alumina prices were $366/mt FOB Western Australia. With the USD/RMB exchange rate around 7.18, the FOB price was equivalent to 3,220 yuan/mt CIF major ports in China after counting in ocean freight of $20.85/mt, which was 132 yuan/mt lower than the domestic spot prices. The import window remained open since December 2023.
According to SMM data, in 2024, overseas alumina prices (here, the Western Australia FOB price is used as a reference) maintained an overall upward trend in January, rising from $347/ton in early January to a maximum of $373/ton, and gradually fell to the lowest in early February at $361/ ton, and then stopped falling at around $360/ton in mid-February.
The latest alumina transaction in Western Australia: $366/mt FOB Western Australia on February 21, shipping date in April, 30,000 tons. At this point, overseas alumina prices have once again rose.
Alumina prices in Western Australia increased by $19/ton, or 5.48%, from the beginning of the year. Compared with overseas alumina prices, the domestic alumina spot price performance is relatively single. In 2024, domestic alumina is affected by the tight balance, and the spot price continues to rise. The SMM alumina price index rose from 3,154 yuan/ton in early January to 3,354 yuan/ton, an increase of 6.34%.
The trading atmosphere in the domestic alumina market before and after the Spring Festival is not good, and spot transactions are relatively muted, while spot transactions in the overseas alumina market are active.
Among overseas alumina spot transactions from January to February 2024, Western Australia alumina transactions were the most active during this period, with a total of 6 spot transactions, followed by Vietnamese alumina with 3 spot transactions, and 2 inquiries each for India and Eastern Australia.
In terms of price, according to SMM data, the spot FOB price of alumina in Western Australia has shown an overall downward trend, but has been expected to rebound since last week. The price trend is also the same as the FOB price of alumina in Vietnam, which has been $379/ton since late January and fell to $376/ton. The price trend of alumina FOB in India is the same as that of East Australia, both rising slightly. The price of alumina FOB in India increased by 1.23% from January to February, and that of East Australia increased slightly by 0.81%.
Overall, driven by domestic spot prices fluctuating at high levels and China's alumina import window remaining open, overseas alumina transactions are relatively active and spot prices are relatively strong. Based on the fact that the resumption of domestic alumina production after the holiday is less than expected amid the tight balance pattern. It is expected that China's demand for imported alumina will continue to grow in the short term.
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