【SMM Alumina Morning Review: Imbalance of supply and demand supports strong spot prices】In the recent period, the tight supply of ore, environmental protection policies, and other factors have deepened the capacity restrictions of alumina production in the northern region. Spot supply continues to be tight, and alumina enterprises are reluctant to sell, resulting in firm quotations and continuous reports of high spot premiums in the market. On Friday, the SMM alumina price index reached 3119 yuan/ton, an increase of 47 yuan/ton from the previous trading day, up 1.5%. SMM expects short-term domestic spot prices to remain strong. In terms of futures, the market sentiment has eased slightly following the explosion at a Guinea oil depot this week, but the tightening of domestic ore supply and the impact of environmental protection issues in the northern region have provided some support to the alumina market. It is important to continue monitoring the evolution of ore supply in the Shanxi and Henan regions, as well as the impact of recent heavy pollution weather warnings in the northern region on the subsequent production of alumina enterprises.
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