CBIX steady, Malaysian ban extended for a fourth time
CBIX gained US$0.6/dmt (1%) to US$50.8/dmt with higher ViU-priced cargos from Australia more prominent. As we foreshadowed, Malaysia again extended its mining ban, for another three months (to end-March 2017), with reports of nearly three million tonnes of stocks still needing to be cleared before the ban will be lifted. Having nudged higher over recent weeks, Malaysian prices remained steady at US$27.5/dmt FOB (unwashed) and US$40.5/dmt FOB (washed).
Chinese alumina prices eased, with the north index down 1.0% (RMB31/t or US$4.5/t) to RMB2,963/t (US$427/t) and the south unchanged on RMB2,980/t (US$429/t). As reported last week, lower primary Al prices have raised industry concern about the economics of recent primary Al start-ups and restarts, the increasing likelihood of over-production they may cause and, as a follow on, the sustainability of current alumina prices.
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Panamax rates on the North Australia to Shandong route fell 8.4% (US$0.52/wmt) to US$5.63/wmt on the back of lower timecharter rates and in spite of another small increase in bunker (fuel) prices. Capesize rates on the Guinea – Shandong route remained flat, down 0.8% (US$0.09/wmt) to US$11.95/wmt with a small drop in timecharter rates slightly outweighing the increase in bunker prices.
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