March 15, 2021
KEY MESSAGES
ALUMINA
1. World alumina demand stands at a record-high and will grow further in the next months amid smelting expansions and restarts. HARBOR expects ROW’s alumina demand to expand by…
2. World alumina production is falling short of demand for now, but will expand ahead and overpass consumption in…
3. As a result, HARBOR expects the global alumina market to remain in deficit in 2021 before coming back to a surplus in…
4. We see alumina prices rallying further toward $… per mton in 2021.