The available supply in the spot market remains relatively manageable in the near term. Large alumina companies continue to maintain long-term delivery orders, leading to increasing demands from downstream traders to actively take delivery and increase the volume of long-term orders. Key areas of focus for future market transactions include: first, how industrial traders can continue to mitigate potential sales pressure as they face increasing supply from upstream and begin executing forward orders; and second, how traders can continue to exert pressure on the spot market through low prices through small but frequent spot turnover.
With production increasing and expectations of increased imports growing, physical participants on both ends of the market are reluctant to see sharp price fluctuations and have refrained from actively engaging in market-making transactions. However, the accumulated contradictions in the supply and demand structures continue to deepen, and capital- and trade-driven operations remain the primary drivers of recent price fluctuations.
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