Last week, as oversupply gradually became apparent, aluminum mills saw an increase in market-making transactions to promote price discovery, leading to a decline in alumina spot prices and a significant downward shift in the center of gravity of industrial spot trading. Currently, market supply pressure is primarily concentrated on large alumina companies concentrated in northern China. These companies, with their vast financial resources and advantages in the industrial chain, are unlikely to experience real-time pressure in sporadic spot sales. However, rising inventories and faster and greater demand for delivery of goods indicate that the market is undergoing a quantitative transmission of excess supply.
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