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Aluminium

Australia's Alumina Inc Turns to Spot Index Pricing

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SYDNEY Feb 10 (Reuters) - Australia's Alumina Inc has turned to spot market index pricing for all new contracts, the company said on Thursday, reflecting an industry wide shift away from London Metal Exchange-linked pricing of alumina
The industry traditionally has multi-year supply contracts with approximately 20 percent of the volume signed and repriced each year.
Alumina holds 40 percent of Alcoa World Alumina &amp; Chemicals (AWAC), the world's largest alumina business, with capacity to meet nearly 20 percent of world demand. U.S.-based Alcoa owns 60 percent.
&quot;All AWAC alumina contracts written in the second half of 2010, for delivery in 2011 and beyond, were priced based on the indices based on the spot market,&quot; Alumina Chief Executive John Bevan said in a statement.
The current spot price for alumina is $390 per tonne, according to Bevan.
That equates to about 15 percent of the current LME three-month aluminium futures price of $2,545 a tonne .
Alumina, the raw material used in the second stage of aluminium production, has traditionally been priced annually at between 10-17 percent of the LME-traded price.
Volume agreements can get set for years at a time.
Alumina producers have said the LME-linked system no longer reflects alumina production costs and market fundamentals as smelting companies turn more to independent suppliers for alumina.
It typically takes between 1.5 and 2 tonnes of alumina to make one tonne of aluminium. 
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