The shift in trading structure and trading rhythm has led to panic in the spot market. The so-called change in trading structure mainly refers to the fact that, at the end of the year and the beginning of the new year, most small and medium-sized alumina enterprises and traders, apart from a few large alumina enterprises, have not completed the signing of all their long-term contracts. These market participants have mostly completed their alumina long-term procurement but have not finished their long-term sales of alumina. During this period, the market showed a situation of fewer long-term contracts and more spot products, creating a mismatch in the market, which triggered a “stampede” in sales by traders and small and medium-sized alumina enterprises.
