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The Jamaican Jamalco refinery announced a period of shutdown due to a local fire last weekend. Alumina prices rose to a six-month high on the same day on the news.
The plant refines bauxite ore into alumina, which is later used in aluminum production. The annual alumina capacity is 1.4 million tons per year, with global alumina production of 134.4 million tons in 2020.
Jamalco is jointly owned by General Alumina Jamaica, a subsidiary of Hong Kong-based raw material supplier Laibao Group, and Clarendon Alumina Production, a state-owned company in Jamaica, whose shareholdings are 55% and 45%, respectively.
Jamalco said it will assess the damage in the coming days.
The fire is said to have caused severe damage to the power station and it will take some time to resume operations.
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