[SMM Morning Comment on Alumina: Severe Fear of High Prices Among Downstream, Alumina Prices Expected to Fluctuate in the Short Term]
The domestic alumina operating rate remains largely stable, while downstream demand has slightly declined due to production cuts in Southwest China. The previously tight alumina supply has somewhat improved. Recently, spot alumina transactions have been relatively sluggish, with the price center of sporadic spot alumina transactions slightly lower than before. Spot alumina prices in Shanxi and Henan have seen a slight correction. Although the spot alumina market has not yet shown significant supply easing, downstream sentiment remains severely cautious about high prices, leading to prudent purchasing. In the short term, spot alumina prices are expected to fluctuate.
![El precio de la alúmina retrocede tras un rápido ascenso con una consolidación de volumen decreciente; el índice spot deja de caer y repunta ligeramente; el patrón de oferta fuerte y demanda débil se mantiene sin cambios [Comentario matutino de SMM sobre la alúmina]](https://imgqn.smm.cn/usercenter/SBQYr20251217171651.jpg)
![El aluminio en la SHFE sigue subiendo; el diferencial de precios Guangdong-Shanghái atrae significativamente el traslado de mercancías [Revisión de mediodía del aluminio al contado de SMM]](https://imgqn.smm.cn/usercenter/VTjoW20251217171653.jpg)
