The notice, which affects third-party alumina sales, is the company’s response to ongoing limitations in gas availability due to damage to a Queensland pipeline; it was caused by fires, which led to restricted gas flow.
The expected timeline for restoring full gas flow capacity has been extended to the latter half of 2024.
The company notes in its Q1 release that aluminium prices on the London Metal Exchange fell 3 percent over the quarter, although the average price rose 0.4 percent from the fourth quarter of 2023 to US$2,199 per tonne.
Rio Tinto also said demand for aluminium in Europe and North America showed improvement, while Chinese demand remained robust, driven by growth in renewables and electric vehicles. Despite a stable global aluminium production landscape, low reported inventory levels have kept physical markets tight.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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