SMM Morning Comment on Alumina: Recently, the weekly operating rate of alumina has rebounded slightly, and alumina supply has increased slightly. With the technological transformation and production cuts at aluminum smelters in Guangxi, Sichuan, and other regions, alumina demand has slightly decreased, and the previously tight alumina supply has improved compared to earlier periods. By the end of December, the alumina raw material inventory at aluminum smelters had rebounded slightly, while downstream restocking and purchasing enthusiasm weakened. The acceptance of high-priced spot alumina decreased, and with reports of some low-priced transactions, suppliers showed an increased willingness to sell. In the short term, spot alumina prices are likely to maintain a slight downward trend.