China's status as a net importer of alumina has remained unchanged

Although affected by the environmental protection and production restrictions of Hydro Brazilian alumina plant in 2018, and Rusal was sanctioned by Europe and the United States, the overseas alumina supply and demand structure was once unbalanced, and interfered with the domestic market through internal and external price differences, and transformed China into a net exporter
of alumina.

However, with the lifting of the ban on production restrictions at Hydro's Brazilian alumina plant in 2019, the supply situation in overseas markets has gradually recovered
.
And the active expansion of new projects by enterprises such as UAE aluminum has also brought more increments
to the market.

As the overseas new crown epidemic continues to rage, the external oversupply pattern has been further highlighted
due to the decline in overseas smelting demand.

Customs data shows that as of October 2020, China's cumulative imports of alumina were 3.
1479 million tons, a year-on-year increase of 205.
1%, while the cumulative export was 139,300 tons, a year-on-year decrease of 38.
69%, and the annual net import volume is expected to reach more than 3.
7 million tons
.
According to statistics, the new production capacity of overseas alumina in 2021 will be about 3.
35 million tons, and with the continuous relaxation of the overseas supply pattern, under the continuous impact of low-cost and cheap supplies, the pattern of China's net alumina imports may continue
.