铝：区间震荡，氧化铝，小幅下跌

Report Industry Investment Ratings - Aluminum: Range-bound trading [1] - Alumina: Slight decline [1] Core Viewpoints - The market has recently seen several offers or deals for several mines at $75 - 80 (varying by grade and negotiating party), mainly due to a significant increase in alumina production cuts. Some miners and small and medium-sized mines are pre - shipping to avoid price - decline risks and maintain stable downstream customers. Newly投产 alumina enterprises are using their scale advantages to increase negotiation pressure, pushing down ore prices. Currently, market transactions are in the stage of sporadic bulk cargo deals, and mainstream miners are still observing the market or fulfilling current contracts, with the trend still being established. There are ongoing contract or legal disputes at Guinean mines, and their progress and resolution should be monitored [1][2] - Affected by the cost pressure from the continuous slump in alumina prices, the price of bauxite in Shanxi region continues to decline. The current price of 58/5 ore (Al/Si = 5) has dropped another 20 yuan/ton, reaching a factory - inclusive tax price of 700 yuan/ton [2] - Aluminum trend strength: 0; Alumina trend strength: 0. The trend strength ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [2] Directory Summaries Comprehensive News - Market has seen $75 - 80 offers or deals for mines due to alumina production cuts and new enterprises' negotiation pressure, and Guinean mines have contract/legal disputes [1][2] - Bauxite prices in Shanxi continue to decline due to alumina price slump [2] Trend Intensity - Aluminum trend strength is 0, and alumina trend strength is 0 [2]