of alumina for USD362, according to market participants who took part in the auction. The material will be shipped in September. This contrasts with the peak price USD458.6 per tonne fob Vizag port paid by Noble Resources in the last tender in August. That result took the market by surprise and was considered too high. It was around USD70-100 above the other two bids. Spot prices will come under even more pressure in the com-ing months due to slow demand. Prices will fall as low as USD300 per tonne before refineries implement cutbacks, which should help prices to recover.
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