Futures Market: Overnight, the most-traded alumina 2509 futures contract opened at RMB 2,841 per tonne, reaching a high of RMB 2,898 per tonne and a low of RMB 2,804 per tonne, before closing at RMB 2,886 per tonne, up RMB 46 per tonne or 1.62 per cent, with open interest at 304,000 lots.
Ore: As of May 13, the SMM Import Bauxite Index stood at USD 70.78 per tonne, down USD 2.83 per tonne from the previous trading day, primarily due to a decline in overseas transaction prices. The SMM Guinea Bauxite CIF average price was reported at USD 70 per tonne, down USD 1.50 per tonne from the previous trading day. The SMM Australian Low-Temperature Bauxite CIF average price was reported at USD 75 per tonne, down USD 5 per tonne from the previous trading day. The SMM Australian High-Temperature Bauxite CIF average price was reported at USD 67 per tonne, down USD 5 per tonne from the previous trading day.
Industry Updates:
(1) Overseas alumina transactions: On May 9, 30,000 tonnes of alumina was traded overseas at a transaction price of USD 358 per tonne FOB Western Australia, with a July shipment date.
(2) Overseas alumina transactions: On May 12, 30,000 tonnes of alumina was traded overseas at a transaction price of USD 359 per tonne FOB Western Australia or USD 356.5 per tonne FOB Eastern Australia, with a July shipment date.
Spot-futures price spread daily report: According to SMM data, on May 13, the SMM Alumina Index was at a premium of RMB 72 per tonne against the latest transaction price of the most-traded contract at 11:30.
Warrant daily report: On May 13, the total registered volume of alumina warrants decreased by 15,600 tonnes from the previous trading day to 211,000 tonnes. In Shandong, the total registered volume of alumina warrants remained unchanged from the previous trading day at 601 tonnes. In Henan, the total registered volume of alumina warrants remained unchanged from the previous trading day at 3,001 tonnes. In Guangxi, the total registered volume of alumina warrants decreased by 3,001 tonnes from the previous trading day to 15,600 tonnes. In Gansu, the total registered volume of alumina warrants decreased by 10,500 tonnes from the previous trading day to 6,306 tonnes. In Xinjiang, the total registered volume of alumina warrants decreased by 2,096 tonnes from the previous trading day to 185,500 tonnes.
Overseas market: As of May 13, 2025, the FOB Western Australia alumina price was USD 359 per tonne, with an ocean freight rate of USD 19.80 per tonne. The USD/CNY exchange rate selling price was around 7.21. This price translates to an external selling price of approximately RMB 3,167 per tonne at major domestic ports, which is RMB 262.76 per tonne higher than the domestic alumina price. The alumina import window remained closed.
Summary:
Last week, alumina enterprises experienced both increases and decreases in operating capacity, with the total operating capacity slightly decreasing by 80,000 tonnes per year. It is expected that some alumina enterprises will conduct maintenance in the following period, while new alumina capacity is anticipated to continue to come online and ramp up production. In the short term, the operating capacity of alumina may fluctuate.
Recently, downstream feedback indicates that spot cargo supply is 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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