SMM alumina morning comments: delayed resumption plan of alumina plants may provide price support for spot fundamentals last week, the resumption progress of alumina enterprises in Shanxi and Henan provinces was still slow. Some alumina plants in the southwest region delayed their resumption plans, leading to reluctance in selling by alumina enterprises. Spot prices remained firm, with downstream sentiment being cautious. Upstream and downstream enterprises focused on maintaining long-term supply contracts, resulting in relatively subdued transactions. Overall, the tight balance between supply and demand for alumina in the north and south regions continues. SMM expects domestic spot prices to remain in a narrow fluctuation in the short term before further resumption plans in mining areas of Shanxi and Henan provinces. It is important to continue monitoring the expectations of recent resumption and the arrival of imported alumina in the near future. In terms of futures, considering the delayed resumption of alumina enterprises after the holiday and the tight supply in the spot market, there is some support for the market, as long as there are no significant changes in the fundamentals."

Overall, the tight balance between supply and demand for alumina in the north and south regions continues. SMM expects domestic spot prices to remain in a narrow fluctuation in the short term before further resumption plans in mining areas of Shanxi and Henan provinces. It is important to continue monitoring the expectations of recent resumption and the arrival of imported alumina in the near future. In terms of futures, considering the delayed resumption of alumina enterprises after the holiday and the tight supply in the spot market, there is some support for the market, as long as there are no significant changes in the fundamentals.