Futures Market: Overnight, the most-traded alumina 2509 futures contract opened at 3,061 RMB per tonne, with a high of RMB 3,062 per tonne, a low of RMB 2,980 per tonne, and closed at RMB 3,001 per tonne, down RMB 59 per tonne or 1.93 per cent. Open interest stood at 401,000 lots.
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Ore Market: As of May 26, the SMM Import Bauxite Index was reported at USD 73.33 per tonne, up USD 0.47 per tonne from the previous trading day. The SMM Guinea Bauxite CIF average price was reported at USD 74 per tonne, unchanged from the previous trading day. The SMM Australia Low-Temperature Bauxite CIF average price was reported at USD 70 per tonne, unchanged from the previous trading day. The SMM Australia High-Temperature Bauxite CIF average price was reported at USD 65 per tonne, unchanged from the previous trading day.
Industry Updates:
Overseas Alumina Transactions: On May 23, 30,000 tonnes of alumina was traded overseas at a transaction price of USD 373 per tonne FOB Indonesia, with a shipment schedule for late July.
Basis Report: According to SMM data, on May 23, the SMM Alumina Index had a premium of RMB 208.13 per tonne against the latest transaction price of the most-traded contract at 11:30.
Warrant Report: On May 26, the total registered alumina warrants decreased by 6,599 tonnes from the previous trading day to 150,400 tonnes. In Shandong, the total registered alumina warrants remained unchanged at 601 tonnes from the previous trading day. In Henan, the total registered alumina warrants remained unchanged at 3,001 tonnes from the previous trading day. In Guangxi, the total registered alumina warrants decreased by 900 tonnes from the previous trading day to 6,304 tonnes. In Gansu, the total registered alumina warrants remained unchanged at 6,306 tonnes from the previous trading day. In Xinjiang, the total registered alumina warrants decreased by 5,699 tonnes from the previous trading day to 134,200 tonnes.
Overseas Market: As of May 26, 2025, the FOB Western Australia alumina price was USD 370per tonne, with an ocean freight rate of USD 21.40 per tonne. The USD/CNY selling rate was around 7.19. This price translates to approximately RMB 3,261 per tonne for the external selling price at major domestic ports, which is RMB 5.76 per tonne higher than the domestic alumina price. The alumina import window remained closed.
Summary: Last week, some enterprises in north China underwent maintenance, while some alumina refineries in south China completed maintenance, leading to a rebound in operating capacity. Overall, the national alumina operating capacity increased by 1.09 million tonnes M-o-M last week.
In the near future, some new alumina enterprises are expected to undergo maintenance, while some enterprises are expected to complete maintenance and resume operating capacity. Overall, the operating capacity is expected to continue to rebound slightly. Affected by supply-side disruptions in the bauxite market, bauxite prices have risen, and the cost support for alumina is expected to strengthen. Coupled with the fact that the short-term fundamentals have not shifted to a surplus pattern, there is still upward momentum in prices.
However, with the recovery of supply, alumina prices may encounter resistance to further increases. In the short term, spot alumina prices are expected to hold up well.
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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