Maintenance and production cutbacks at select plants in Guangxi have created expectations of a temporary tightening in supply; however, the ongoing commissioning of new capacity may alter the local alumina supply-demand balance. Alumina inventories have remained relatively stable recently. While rising ore prices—driven by shipping costs—will eventually push up alumina production costs, there is a time lag in this transmission, and the cost-price inversion resulting from current low price levels has not yet significantly impacted alumina production.
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