As of Thursday this week, the SMM alumina index stood at RMB 3,244.97 per tonne, down RMB 3.15 per tonne W-o-W. In Shandong, prices were reported at RMB 3,180-3,230 per tonne, down 15 per tonne W-o-W; in Henan, prices were RMB 3,180-3,270 per tonne, down 15 per tonne W-o-W; in Shanxi, prices were RMB 3,200-3,240 per tonne, down 20 per tonne W-o-W; in Guangxi, prices were RMB 3,300-3,380 per tonne, up RMB 10 per tonne W-o-W; in Guizhou, prices were RMB 3,300-3,380 per tonne, up RMB 10 per tonne W-o-W; in Bayuquan, prices were RMB 3,260-3,340 per tonne, down RMB 50 per tonne W-o-W.
Overseas market: As of August 21, 2025, FOB Western Australia alumina price was USD 372 per tonne, with an ocean freight rate of USD 23.15 per tonne and a USD/CNY selling rate around 7.19. This price translates to approximately RMB 3,292.48 per tonne for domestic mainstream ports, which is RMB 47.51 per tonne higher than the alumina index price. However, compared to spot aluminium prices in south China, the import window has opened. A total of three overseas alumina spot transactions were inquired about this week, with fluctuating prices. Recent overseas alumina spot prices have mainly been adjusting, with specific transaction details as follows:
1) On August 14, two overseas alumina deals totalling 60,000 tonnes were transacted at USD 374 per tonne FOB Western Australia, with September shipment.
2) On August 18, 30,000 tonnes of alumina was transacted at USD 369 per tonne FOB Eastern Australia, with a September shipment.
Domestic market: According to SMM data, as of Thursday this week, the total capacity of metallurgical-grade alumina in China reached 110.32 million tonnes per year, with operating capacity at 91.57 million tonnes per year. The national weekly operating rate of alumina decreased by 0.2 percentage points W-o-W to 83 per cent, mainly due to some enterprises starting regular maintenance. Specifically, the weekly operating rate of alumina in Shandong remained unchanged at 91.15 per cent; in Shanxi, it stayed flat at 77.2 per cent; in Henan, it increased by 3.57 percentage points to 65.83 per cent; in Guangxi, it fell by 3.71 percentage points to 89.44 per cent; in Guizhou, it remained steady at 83.33 per cent.
During the period, spot alumina transactions remained sluggish, with the north-south price divergence continuing.
In South China, the supply of spot alumina remained relatively tight, with sellers refusing to budge on prices, although no specific transactions were reported. Spot alumina prices in the south had bottom support.
In north China, spot aluminium supply remains relatively loose, with sluggish transactions. Only some aluminium companies are tendering for alumina purchases, and transaction prices are around RMB 3,200 per tonne ex-works in Shanxi, still mainly in the doldrums.
Overall, the fundamentals of alumina are expected to maintain a surplus pattern, with continuous inventory buildup. This week, alumina inventory increased by about 52,000 tonnes. As inventory continues to build up, the top pressure on spot alumina prices is expected to gradually increase. In the short term, spot alumina prices are expected to maintain a north-south divergence, with the north continuing to be in the doldrums and the south having stronger bottom support. Subsequently, it will be necessary to continuously monitor the alumina inventory situation and changes in operating capacity.
Note: This article has been issued by SMM and has been published by AL Circle with its original information without any modifications or edits to the core subject/data.
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