Summary: The near-total halt to shipping in the Strait of Hormuz has disrupted alumina supplies to Middle Eastern producers. Consequently, these cargoes are being rerouted to China, pushing Chinese alumina imports to a two-year high. This influx is keeping Chinese smelting margins elevated and output high, which may lead to an increase in semi-finished aluminium exports (including extrusions) to global markets in the coming months.

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