Futures Market: Overnight, the most-traded alumina ag2509 futures contract opened at RMB 2,856 per tonne, with a high of RMB 2,866 per tonne, a low of RMB 2,825 per tonne, and closed at RMB 2,832 per tonne, down RMB 11 per tonne or 0.39 per cent, with open interest at 290,000 lots.
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Ore market: As of May 12, the SMM Import Bauxite Index was reported at USD 73.61 per tonne, down USD 3.86per tonne from the previous trading day, mainly due to a decline in imported ore transactions. The SMM Guinea Bauxite CIF average price was reported at USD 75 per tonne, down USD 3.50 per tonne from the previous trading day. The SMM Australia Low-Temperature Bauxite CIF average price was reported at USD 80 per tonne, unchanged from the previous trading day. The SMM Australia High-Temperature Bauxite CIF average price was reported at USD 72 per tonne, unchanged from the previous trading day.
Industry news: A large alumina refinery in Shandong raises liquid caustic soda purchase price: According to SMM, starting from May 13, a large alumina refinery in Shandong adjusted the purchase price of 32 per cent ionic membrane liquid caustic soda, increasing it by RMB 20 per tonne from the base price of RMB 725 per tonne. The ex-factory price under the two-invoice system was set at RMB 745 per tonne (approximately RMB 2,328 per tonne converted to 100 per cent concentration).
Basis report: According to SMM data, on May 12, the SMM Alumina Index had a premium of RMB 103 per tonne against the latest transaction price of the most-traded contract at 11:30.
Warrant report: On May 12, the total registered alumina warrants decreased by 7,213 tonnes from the previous trading day to 242,600 tonnes. In the Shandong region, the total registered alumina warrants remained unchanged at 601 tonnes from the previous trading day. In the Henan region, the total registered alumina warrants remained unchanged at 3,001 tonnes from the previous trading day. In the Guangxi region, the total registered alumina warrants decreased by 2,102 tonnes from the previous trading day to 18,600 tonnes. In the Gansu region, the total registered alumina warrants remained unchanged at 16,800 tonnes from the previous trading day. In the Xinjiang region, the total registered alumina warrants decreased by 13,900 tonnes from the previous trading day to 187,600 tonnes.
Overseas market: As of May 12, 2025, the FOB Western Australia alumina price was USD 348 per tonne, with an ocean freight rate of USD 19.80 per tonne. The USD/CNY exchange rate selling price was around 7.23. This price translates to an external selling price of approximately RMB 3,084 per tonne at major domestic ports, which is RMB 184.86 per tonne higher than the domestic alumina price. The alumina import window remained closed.
Summary
Last week, there were both increases and decreases in the operating capacity of alumina enterprises, with a slight overall decrease of 80,000 tonnes per year in total operating capacity. It is expected that some alumina enterprises will conduct maintenance in the following period, while new alumina capacity is expected to continue to be commissioned and released. In the short term, the operating capacity of alumina may fluctuate.
Recently, downstream feedback indicates that spot cargo supplies are tight in some regional markets. With suppliers standing firm on quotes, spot prices may rebound slightly. However, on the cost side, bauxite prices have fallen significantly compared to the previous period, weakening the cost support. Overall, the alumina market is influenced by a mix of bullish and bearish factors, and prices are expected to fluctuate in the short term.
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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