Futures market: Overnight, the most-traded alumina 2509 futures contract opened at RMB 3,191 per tonne, with a high of RMB 3,228 per tonne, a low of RMB 3,153 per tonne, and closed at RMB 3,199 per tonne, down RMB 30 per tonne or 0.94 per cent, with open interest at 393,000 lots.
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Spot alumina: On Thursday, inquiries revealed that 3,000 tonnes of alumina were traded in Guizhou at a transaction price of RMB 3,230 per tonne.
Ore: As of May 22, the SMM imported bauxite index was reported at USD 72.14 per tonne, up USD 0.94 per tonne from the previous trading day, mainly due to some Guinea bauxite transactions with prices rising to USD 74 per tonne. The SMM Guinea bauxite CIF average price was reported at USD 72 per tonne, up USD 2 per tonne from the previous trading day. The SMM Australian low-temperature bauxite CIF average price was reported at USD 70 per tonne, unchanged from the previous trading day. The SMM Australian high-temperature bauxite CIF average price was reported at USD 65 per tonne, unchanged from the previous trading day.
Industry news:
Basis report: According to SMM data, on May 22, the SMM alumina index was at a discount of RMB 102.43 per tonne against the latest transaction price of the most-traded contract at 11:30.
Warrant report: On May 22, the total registered alumina warrants decreased by 9,895 tonnes from the previous trading day to 163,600 tonnes. The total registered alumina warrants in the Shandong region remained unchanged from the previous trading day at 601 mt. The total registered alumina warrants in the Henan region remained unchanged from the previous trading day at 3,001 tonnes. The total registered alumina warrants in the Guangxi region decreased by 1,201 tonnes from the previous trading day to 81.05 million tonnes (Note: There seems to be a unit error here; it should likely be 8,105 tonnes instead of 81.05 million tonnes, but the original text is translated as is).
The total registered alumina warrants in the Gansu region remained unchanged from the previous trading day at 6,306 tonnes. The total registered alumina warrants in the Xinjiang region decreased by 8,694 tonnes from the previous trading day to 145,600 tonnes.
Overseas market: As of May 22, 2025, the FOB Western Australia alumina price was USD 370 per tonne, with an ocean freight rate of USD 21.40 per tonne. The USD/CNY exchange rate selling price was around 7.22. This price translates to an external selling price of approximately RMB 3,274 per tonne at major domestic ports, which is RMB 146 per tonne higher than the domestic alumina price. The alumina import window remained closed.
Summary: This 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 W-o-W this week. In the near future, some new alumina enterprises are expected to undergo maintenance, while some enterprises are anticipated to complete maintenance and resume operating capacity.
On the whole, the operating capacity is expected to continue to rebound slightly. Affected by the supply-side disruptions in the bauxite market, bauxite ore 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 situation, there is still upward momentum in prices.
However, with the repair of supply, the alumina price increase may encounter resistance, and in the short term, the alumina price is 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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