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CBI believes Chalco’s move to lift the alumina spot price is not surprising. Since March 30th, the quotations of non-Chalco alumina have been increased to RMB 2,300/mt or even higher. Although very few alumina transactions were made according to Chalco alumina spot price, the Chalco alumina spot price as the standard of alumina price also reflects the mainstream market price. However, CBI believes the small increase range of alumina this time indicates that Chalco realizes the current domestic alumina capacity surplus will dampen the alumina price in the future, so Chalco remains cautious about recent alumina price rebound.
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