Prices of alumina, the main raw material for making aluminum, have risen this year due to supply interruptions in Guinea, Brazil and Australia.
Reuters.- Rio Tinto has lifted force majeure measures imposed on third-party contracts for the export of alumina from its Gladstone, Australia, refineries, a company spokesperson said.
Prices of alumina, the main raw material for manufacturing aluminum, have risen this year due to supply interruptions in Guinea, one of the main exporters of this raw material, Brazil and Australia.
Rio Tinto did not specify when the force majeure measure, declared in May due to the restriction of gas capacity levels in its operations, was lifted.
The miner said in its third-quarter production results that Gladstone operations were expected to return to normal levels by the end of 2024. Its third-quarter alumina production fell 7% year-on-year.
Alumina prices have risen 68% since the beginning of the year, to 5,564 yuan ($767) per metric ton, adding pressure on aluminum producers.
However, new bauxite-to-alumina capacity, due to come online next year, is expected to ease tensions.
