Alumina, used to make aluminum, will be traded mostly in the cash market within three years not long- term contracts, adding to price gains for the material, the world’s largest maker of the lightweight metal said.
The move to a producer-set spot index, which makes the price less dependent on aluminum, will push alumina to $450 a metric ton this year from about $390, United Co. Rusal Deputy Chief Executive Officer Oleg Mukhamedshin said today.
“Long-term alumina contracts are gradually expiring and we expect that in two to three years most of the sales will be based on the index price rather than the long-term contracts,” Mukhamedshin said on a conference call. “This news is pushing the alumina price up.”
Alumina’s price would increase at a faster rate than Rusal forecasts for the lightweight metal. Rusal expects aluminum to “sustain above $2,500” this year, the company said today in a statement. Last year, aluminum averaged $2,199 a ton in London.
（source from:Bloomberg）
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