Spot alumina prices in the Shanxi-Henan region are hovering near the cash cost levels of local producers, fueling market expectations of production cuts. Meanwhile, a tug-of-war is playing out regarding cost factors: fluctuations in oil prices are impacting shipping rates—and consequently the landed cost of ore—while alumina plants are seeking to lower costs by increasing the output of by-products. This dynamic may cause spot prices to remain deadlocked in the short term. From a fundamental perspective, the market remains in a state of oversupply, though future production cutbacks by enterprises warrant close monitoring.
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