Mysteel: China alumina prices continue downward trend on supply surplus

China's alumina prices remained on a downward trajectory after the National Day holiday. Market participants held a pessimistic view on alumina prices in Q4 due to high supply and limited growth in demand. Besides, we observed weakening support on the cost side amid falling bauxite prices.

On the supply side, China's alumina operating capacity rose above 98MTPA last week. Despite shrinking margins in the alumina sector, no cost-driven cuts and plans have been heard. Besides, according to Mysteel's tracking, China's alumina imports are expected to see a significant rise in October, which will put more