The export data has been impressive. However, due to factors such as customs data collection and release standards, as well as timing discrepancies, the benefits of exports on supply began to be fully absorbed by the market in mid-to-late February. In the spot market, sporadic “fixed-price” transactions have occasionally emerged. Downstream aluminum plants continue to maintain their inventory replenishment intentions primarily through bidding procurement at lower prices. New alumina projects are continuing to emerge, with the pace from planning to approval accelerating significantly. The scale of approvals has exceeded market expectations, and the signs of serious overcapacity in the industry are becoming increasingly evident.
