Galaxy Futures: Limited Changes in Aluminum Oxide Fundamentals, Spot Prices Decline

While the Iran-U.S. conflict situation has marginally improved at the margins, uncertainty still remains, and the impact of freight rates on alumina prices has weakened. The market has once again brought up the work related to the comprehensive governance of “anti-involution,” and the prices of the relevant products rose today. Alumina prices rebounded due to a recovery in market sentiment. New capacity in Guangxi is expected to be commissioned in a concentrated manner from March to May. Although the Guinean government’s export restriction policy has not yet been issued, it is expected to have a relatively mild impact. If Guinea’s bauxite policy is insufficient to reverse the oversupplied bauxite situation, a large number of warehouse receipts will mature in June, and spot alumina prices will continue to fall, with fundamental downside pressure still present. (Galaxy Futures)