India's second-largest aluminium major, state-run National Aluminium Co., saw the price of its latest spot alumina tender drop to $354/mt FOB Visakhapatnam for 30,000 mt July shipment, a company official told Platts Tuesday.
The company floated the tender on June 11, and it closed on June 20. The settled price was a sharp decline from the $423/mt FOB concluded for its previous 25,000 mt May shipment.
"The price is a sharp drop compared with the earlier shipment, but we're not too concerned as this $354 price is more reflective of the current market. The general market level for Australian material to China is between $340 and $360/mt FOB, so our latest price is within that range," the Nalco official said.
"The earlier $423 price was higher than the expected market level previously. Anyway, we always go by the best price in a tender and this $354 was the best price we got this time," he added.
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