Spot market has seen sporadic transactions at lower prices. The two main conditions for the current price reductions are generally low alumina inventories at the end-user level and the weakening of trading sentiment due to the previous stagnation in spot prices. Given that the overall supply of spot market is limited, transactions are primarily driven by traders locking in profits and some small-scale factory purchasing and sales arbitrage.

Currently, both domestic and international factors are increasing uncertainties in the market. On one hand, there is a bearish influence from the declining transaction prices of alumina overseas. On the other hand, there is bullish support from the temporary production capacity reduction due to the unexpected natural gas supply disruption at the Pingara alumina plant in Australia. Domestically, there are mixed factors at play: the production restrictions during the autumn and winter seasons in Shanxi provide some positive support, while the shutdowns of downstream aluminum plants due to losses exert downward pressure. Overall, the market is caught in a tug-of-war between bullish and bearish factors, and the market sentiment has led to fluctuations in alumina prices, which, after a period of stagnation, have entered a phase of corrective consolidation. However, as long as the overall supply-demand situation remains largely unchanged, the possibility of a significant decline in domestic alumina prices is limited.

The current market is marked by a standoff due to unexpected events, with intensified competition over production capacity. The division between the bulls and bears is becoming increasingly clear. Bullish activity is slowing down, while bearish activity is increasing. After a period of stagnation, the price of alumina has entered a phase of volatile correction.

The domestic alumina spot market, while influenced by overseas transactions, is still fundamentally driven by domestic supply and demand dynamics (including the impact of imports and exports). In the earlier phase, the market saw a decline in spot liquidity due to a shift in sentiment, with an apparent increase in spot supply. This was more due to misjudgments in timing, operation, and execution rather than a fundamental change in supply-demand conditions. Although the supply-demand relationship has improved, a fundamental shift has not yet occurred. With the approach of the heating season and snowfall periods, frequent production controls, reductions, and maintenance shutdowns, along with low inventory levels, the production and supply safety risks for aluminum plants are increasing. As a result, the domestic alumina spot market has shown increasing resilience to downside risks in recent times.

The panic sentiment in the spot market has eased relatively. The prices of small-scale transactions outside the Xinjiang aluminum plant's bidding are generally in line with the regional prices quoted by institutions. In Shanxi, the prices have adjusted down after a rapid rise earlier, influenced by the bidding prices. The spot market still faces conditions of slight fluctuations.

The panic sentiment in the spot market has eased relatively. The prices of small-scale transactions outside the Xinjiang aluminum plant's bidding are generally in line with the regional prices quoted by institutions. In Shanxi, the prices have adjusted down after a rapid rise earlier, influenced by the bidding prices. The spot market still faces conditions of slight fluctuations.