The unexpected surge in alumina exports out of China in May and June has highlighted the country's growing role as an opportunistic exporter of the aluminium raw material, built on the back of its fast-growing alumina production. May and June was special as China was able to export 10,000 tonnes of alumina a month. Output gains helped to open up the window of arbitrage. Spot domestic alumina prices averaged around 2,600 yuan (USD406) a tonne in May and June, against MB's alumina index price of around USD420 per tonne fob Australia. The gap has since closed at 2,900-3,000 yuan a tonne against USD373 fob Australia.
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