[SMM Weekly Alumina Review: Weekly Alumina Operating Rate Slightly Reduced, Domestic and Overseas Spot Alumina Prices Both Declined] Recently, the tug-of-war between alumina buyers and sellers continued, with sporadic spot transactions observed in the alumina spot market. Transaction prices saw a further slight decline, with the center generally at 3,200-3,300 yuan/mt. The domestic alumina export window has closed, and the total registered warrant volume in alumina futures delivery warehouses has exceeded 200,000 mt. Subsequent alumina exports and transfers to delivery warehouses are unlikely to provide sustained demand. On the fundamentals side, alumina operating capacity is expected to fluctuate in the short term, with no significant decline anticipated in total operating capacity. This week, the total national alumina operating capacity stood at 88.26 million mt. The alumina fundamentals remain in a slight surplus, and spot alumina prices are likely to fluctuate downward in the short term.
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