SMM Morning Comment on Alumina: Recently, the tug-of-war between alumina buyers and sellers continues, with sluggish spot alumina transactions and spot prices remaining stable. Overseas alumina transaction prices have further declined, while the domestic alumina export window has closed, making it difficult for alumina exports to provide sustained demand in the future. On the fundamentals side, no large-scale production cuts in alumina operating capacity have been reported, and the alumina fundamentals remain in a slight surplus. In the short term, spot alumina prices are expected to fluctuate downward.
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