The short-term fundamentals for alumina remain under pressure, with overall operating capacity still showing an upward trend. Meanwhile, the supply and demand fundamentals continue to show an oversupply situation, causing spot alumina prices to decline, albeit at a smaller and slower pace. As alumina operating capacity continues to increase, the downward trend may intensify. At the same time, the cost inversion for high-cost enterprises is widening, potentially leading to some capacity reductions in the medium to long term.
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