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Alumina Prices Remain Undervalued


1. ROW’s metallurgical alumina production plunged in September to its lowest run-rate since May 2019 amid lower operating rates at Alunorte.

2. Meanwhile, China’s alumina production increased in September to the highest level since October 2019.

3. Additionally, the impact of winter cuts on Chinese alumina production are expected to be limited...

4. Our analysis indicates that alumina prices continue to be relatively low compared to LME aluminum prices. 


1. China’s imported bauxite market switched into supply deficit amid lower imports from Guinea.