Against the backdrop of ongoing capacity expansion in Guangxi, supply-side pressure on alumina is intensifying once again; this is likely to keep spot prices subdued, with the market remaining in a slump. Looking ahead to the fourth quarter, factors such as long-term contract arrangements for bauxite and alumina, heating-season policies, and market news will come into play. While a temporary rally in spot prices cannot be ruled out, prices will ultimately revert to being driven by market fundamentals.
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