Alumina Spot Prices Bottom-Out on Chinese Buying, Output Disruptions
1. As anticipated, Australia alumina spot price has increased to four-month highs on Chinese buying.
2. Chinese coronavirus outbreak has had relatively low direct impact in alumina-producing provinces...
3. ...but Chinese alumina production could contract further as... million mtpy of Chinese alumina production capacity is being affected by some logistics disruptions due to ongoing coronavirus outbreak.
4. Australia alumina prices have bottomed-out as anticipated. However, we expect the current rally to peak in Q2 2020 as bearish fundamentals will take command again.
More details in full report.