SMM

SMM Morning Comment on Alumina: Recently, there have been reports of small-scale alumina production cuts and maintenance in northern regions, coupled with a surge in domestic alumina export news, which has boosted alumina prices and improved market sentiment. This week, spot alumina prices stabilized after a period of decline. However, operating capacity for alumina remains high, while the incremental demand for aluminum is limited, leaving the fundamental market structure unchanged. Resistance at the top of alumina prices persists. In the short term, alumina prices may enter a phase of fluctuation and adjustment. Moving forward, attention should be paid to the export window for alumina and changes in operating capacity.