【SMM Alumina Morning Review: Strong demand for delivery-grade alumina boosts prices in northern China】Driven by macroeconomic sentiment and sanctions on Russian metal products by the US and UK, alumina futures prices surged on Monday. The opening of the arbitrage window between futures and spot prices has to some extent boosted the prices of spot alumina in northern China. In the spot market on Monday, sporadic trades for delivery-grade alumina were made at higher prices compared to non-delivery-grade alumina. It is necessary to continue monitoring the transmission of futures prices to the spot market. On the other hand, there are expectations of revival of production at some alumina plants in Shanxi province, which might add to the supply in the short term. In the southwestern region, the first batch of restarted aluminum smelting capacity in Yunnan is still in progress, and the current water supply in Yunnan is good. The capacity that is still pending revival within the province needs to be monitored, but stable high demand in the short term is providing some support to spot alumina prices in the southwest.
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