According to our latest estimate, the average operating costs of primary aluminium smelters, measured in US dollars, were 1761 dollars/tonne in the second quarter of 2007, 80 dollars higher than in 2007 Q1. For the western countries only this average was 1672 dollars. The table below shows these average production costs. To cover operating costs, capital charges and earn a normal return on equity, the average primary smelter needs a price of around 2168 dollars/tonne FOB plant (ex works) under current conditions. If prices fall below 1761 dollars, the average smelter is not covering operating costs.
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