Global alumina prices have surged up by nearly $50 per tonne or 13 percent to $424/tonne overnight as the world’s largest alumina refinery in Brazil shut down half of its plant.

The refinery, with its total capacity of 6.3 million tonne per year, was asked to partially shut down operations on account of water leakage.

TK Chand, CMD, Nalco said the the company's last two alumina shipments were at higher prices and prices could go up further from current levels.

Current prices are at $390/tonne against $355/tonne at start of the month, he said, adding, if the shortage continues, the prices could increase by another $30-40 tonne.

In the fourth quarter the company is looking at making 14 shipments as compared to 8 shipments made in Q3, said Chand.

First Published:Mar 22, 2018 12:17 PM IST