May 14, 2019 / 02:30PM GMT
Timna Beth Tanners - BofA Merrill Lynch, Research Division - MD
(technical difficulty)
Difference in aluminum and alumina. It's a broad topic. You can pick which one you want to start with, but I think it'd be really helpful to get an overview of how you're seeing the market.
Questions and Answers:
Roy C. Harvey - Alcoa Corporation - President, CEO & DirectorCertainly. So it is a broad question, let's try and break it into smaller pieces. So from an aluminum standpoint, so we'll start with the topic and work our way backwards. So what we're seeing are some very positive market dynamics, so when you think about the supply/demand situation, and we're in a deficit over the course of 2019, we're in a deficit in '18 as well. What we're also seeing is that inventories are coming down. So we're still not yet at the level where we were prior to the global financial crisis, but we are on the way and continuing to see this year progress.
So relatively positive fundamentals from the supply/demand standpoint. Pricing, on the other hand, has
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