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 main supply increase from the newly invested alumina projects will become more apparent in the latter part of the first quarter of next year. However, the market is currently focusing more on the expected capacity release, coupled with reduction signals from some aluminum smelters due to losses, which further suppresses alumina demand. As a result, there is certain pressure on the continued sharp rise in alumina prices, and it is expected that in the short term, the market will maintain a high-level fluctuation pattern.

In the domestic market, new projects are emerging one after another, and the pressure of overcapacity is continuously increasing. Due to issues such as ore supply and the construction schedules of new projects, the supply increment is expected to be more concentrated in the latter part of the first quarter of next year. From the perspective of supply and demand balance, the market is more favorable for the sellers. Given that the current alumina prices are at their highest in over a decade, and the electrolytic aluminum industry is continuously accumulating losses, more bearish news is expected to hinder a rapid increase in spot alumina prices.

The supply of spot alumina is tight and is unlikely to improve in the short term. However, due to the continuous rise in alumina prices hitting new highs and losses in downstream industries, the trading enthusiasm for spot alumina is suppressed, resulting in a slight increase in spot prices.

The spot market for products with urgent demand is relatively active at the beginning of the month, with industry traders mainly participating in supply. The active operations of traders in the spot market continue to drive a noticeable increase in spot transaction volumes. Currently, the pricing benchmark in the Shanxi spot market generally ranges between 5850-5900 CNY/ton, with the transaction focus shifting towards the range of 5880-5900 CNY/ton.

The alumina spot market has shown an upward trend in trading again. In the northern market, especially in Shanxi province, after the temporary small-scale spot transactions broke through 5,850 RMB/ton, the benchmark pricing range for some negotiations has started to slightly rise from around 5,800 RMB/ton to approximately 5,850 RMB/ton.