Platts Australian alumina daily assessment closed the week at $209/mt FOB, up 50 cents on the day as the global market gravitated toward a more balanced or tighter position than a few months ago due to margins-led global refining cuts.
The Australian assessment rose $1/mt on the week.
Low freight rates have also helped to support the FOB alumina price.
India's Nalco awarded to Minmetals at $210.59/mt FOB Visakhapatnam a sell tender on February 3, market participants said. The tender closed on February 2 and called for a 30,000 mt lot to be shipped between February 15 and 20.
On Thursday, Nalco floated a new sell tender for another 30,000 mt for shipment between March 10 and 14 from Visakhapatnam. The tender closes February 16, with bids to be valid up to February 18.
In the last three weeks, a notable number of market participants have put Nalco alumina at $1-$2/mt premiums to Western Australia, reflecting the freight differential for shipments to China.
Nalco's new tender is expected to be a key indicator for the Australian market.
Before China closed for the Lunar New Year holiday on February 8-12, CIF China discussions had centered around $215-$220/mt.
Platts assessed the Handysize freight rate at $8.35/mt on Friday for a 30,000 mt shipment in March from Western Australia to Lianyungang in China.
