Unsustainable Short-Term Rally in Australian FOB prices

KEY MESSAGES

1. Australia alumina spot FOB prices up to a two- month high of $… per mton target zone.
    

2. Current levels seen as unsustainable, from HARBOR’s view, as:

   1. Australian alumina prices are elevated when compared to…
       

   2. Australian alumina prices are again…
       

   3. World alumina production remains…
       

   4. World alumina demand growth is…
       

   5. The alumina market is shifting into a…
       

3. HARBOR expects prices to correct and fall into the $… per mton zone by year’s end. Slightly lower levels projected for 2023.