The ongoing release of existing alumina production capacity and the anticipated ramp-up of new capacity are accumulating medium- and long-term supply pressures. However, in the short term, aside from the fulfillment of long-term contracts and warehouse receipt registration, available spot supply remains relatively limited and manageable, leading to a moderate decline in spot prices. Alumina prices are showing a resilient nature in the short term. The market is currently focused on potential unexpected events: the Guinean referendum and general election; and whether energy supply disruptions or direct impacts could lead to production fluctuations in the Beijing-Tianjin-Hebei region before the military parade.
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