PRICING NOTICE: Metal Bulletin will introduce alumina index, fob Brazil

Metal Bulletin is planning to introduce an alumina index, fob Brazil.

Metal Bulletin is planning to introduce an alumina index, fob Brazil.

The proposed specification for the index is as follows:

Description: Alumina index, fob Brazil
Units: US$/dry metric tonne
Basis: fob Vila do Conde, Brazil
Grade: Smelter grade alumina, min purity of 98.5% Al203
Loading port: Vila do Conde (other ports normalised)
Material destination: All destinations
Trade size: Minimum 10,000 tonnes (standard cargo size of 50,000 tonnes)
Loading window: Within two months
Delivery method: Bulk carrier
Payment terms: 30 days after loading
Assessment: On Fridays by Metal Bulletin’s offices in London and Sao Paulo, except when the offices are closed for public holidays. Such times will be notified well in advance.
Publication: Between 2pm and 3pm on Fridays

It is intended that the index will be published as a discount (or premium) to Metal Bulletin’s fob Australia index.

Metal Bulletin’s alumina index utilises a tonnage-weighted calculation of actual transactions that have been normalised to a base loading point, in line with our index methodology.

The published index figure will be a straight average of two sub-indices, each of which contain data from one side of the market: buyers and sellers. Each sub-index will be a tonnage-weighted calculation of normalised price data. The use of two sub-indices means that each side of the market has exactly the same influence on the final price, removing the possibility of bias. Only the final index is published.

Alumina index, fob Australia
Metal Bulletin is also proposing a change to the way it assesses its fob Australia alumina index. At present, the published index figure is the straight average of three sub-indices – producers, consumers and traders. The intention is to move to two sub-indices, as per the proposed fob Brazil specification above.

As of January, in the event of UK public holidays, the indices will be published on the following working day.

The proposed changes are the subject to the results of the consultation; no changes will be made without prior notice.

The consultation for these proposals will close on Tuesday January 12, and, subject to market approval, the changes will be effective for indices published from Friday January 15 onwards.

If you have any comments on the proposal or would like to contribute to the alumina indices, please contact Charlotte Radford ( or Inaki Villanueva (

If you have any questions about Metal Bulletin’s general pricing methodology and policy, please contact market data and compliance manager Paolo Sorze ( or Metal Bulletin editor Alex Harrison (

Charlotte Radford
Twitter: @CRadford_MB

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