The Platts Australian alumina daily assessment at $203/mt FOB on Friday was up $1/mt from a day ago as the market continued to move from a long to a more balanced position.
Recent dip buying, margins-led production cuts in China and the Americas, and a more balanced Chinese domestic market have put a floor under the Australian market.
The Australian assessment has climbed $1.50/mt in the last week and $3/mt in the past month.
CIF China bid-ask levels were rangebound through the week at $210-$215/mt. But it was clear buyers would have to go above $210-$211/mt to secure material.
Platts assessed the handysize freight rate at $8.90/mt on Friday for a 30,000 mt shipment in March from Western Australia to Lianyungang in China.
Australian tug boat workers accepted Friday a revised enterprise agreement from towage company Svitzer, a union official said, after two rounds of work stoppages at Kwinana port on January 14, 18 and 19.
"Now that the voting results are in, AIMPE will not be taking any further industrial action," Australian Institute of Marine and Power Engineers federal secretary Martin Byrne said.
The union had conducted nationwide industrial action on tug boats over Svitzer seeking to bring three unions individually covering deckhands, skippers, and engineers under one enterprise agreement.
AIMPE wanted Svitzer to retain a separate contract for tug engineers.
The Platts China alumina assessment for Shanxi province gained Yuan 5/mt from a week ago to Yuan 1,625/mt ($247/mt) ex-works in cash.
Spot trade was thin ahead of the Lunar New Year holidays from February 7-14, as most smelters have completed restocking But refiners are keeping offers high despite slowing demand due to refinery cutbacks.
"Domestic refiners' reserves have lowered due to the restocking and alumina production cuts, so sellers are still quoting high levels, as they are in no rush to sell," a Western trader said.
But as buyers are also in no rush to buy and demand will slow further during the upcoming holidays, spot prices are expected to stay rangebound in the near term, sources said.
The front-month contract on the Shanghai Futures Exchange closed at Yuan 10,830/mt, up from Yuan 10,690/mt last week, but down from Yuan 10,890/mt a month ago.
