Overseas markets are directly impacted by the conflict, resulting in significant mismatches in production and logistics from raw materials to finished products. For the alumina market, negative news is more concentrated overseas, including the shutdown of aluminum plants in Mozambique, and the ongoing tensions in the Middle East due to the Strait of Hormuz blockade and the ongoing conflicts between the US, Israel, and Iran, further increasing the risks to the electrolytic aluminum industry. The domestic spot market remains in a tight supply phase, as the arrival of new projects, increased alumina imports, and the gradual recovery of capacity affected by previous policies all require time, maintaining the expectation of near-term strength and long-term weakness.
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