Alumina Price Rally Set to Continue on Revaluation

Executive Summary
ALUMINA SPOT PRICE OUTLOOK

1. As anticipated by HARBOR, alumina spot prices have continued to rally and have reached four-month highs. Alumina is trading at $…
    
2. Current alumina spot prices remain considerably undervalued compared to: a) primary aluminum prices…
    
3. Moreover, world alumina demand is expected to accelerate ahead. Chinese demand is set to…
    
4. HARBOR sees alumina spot prices rallying toward $… per mton in the 2021-2022 period.