There are no clear signs of improvement in supply in the spot market. Before the end of the year, the main potential negative factors for the alumina spot market are: firstly, a moderate relaxation of domestic open-pit mining; and secondly, a renewed concentration of production shutdowns due to water shortages in Yunnan. Currently, the potential negative conditions of supply and demand are not observed. In the short term, the spot premium transactions still have fundamental support, particularly as the year-end approaches. The Mid-Autumn Festival, National Day, and winter storage are direct factors contributing to the spot premium transactions due to inventory purchases.
