Futures Market: Overnight, the most-traded alumina 2509 futures contract opened at RMB 2,985 per tonne, with a high of RMB 2,990 per tonne, a low of RMB 2,940 per tonne, and closed at RMB 2,948 per tonne, down RMB 43 per tonne or 1.44 per cent. The open interest stood at 381,000 lots.
Ore: As of May 28, the SMM Import Bauxite Index was reported at USD 73.88 per tonne, up USD 0.18 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.
Spot-Futures Price Spread Daily Report: According to SMM data, on May 28, the SMM Alumina Index had a premium of RMB 253.31 per tonne against the latest transaction price of the most-traded contract at 11:30 a.m.
Warrant Daily Report: On May 28, the total registered alumina warrants decreased by 3,303 tonnes from the previous trading day to 140,200 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 1,799 tonnes from the previous trading day. In Guangxi, the total registered alumina warrants decreased by 3,303 tonnes from the previous trading day to 3,001 tonnes. In Gansu, the total registered alumina warrants remained unchanged at 5,105 tonnes from the previous trading day. In Xinjiang, the total registered alumina warrants remained unchanged at 129,700 tonnes from the previous trading day.
Overseas Market: As of May 28, 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 selling rate was around 7.21. This price translates to approximately RMB 3,269 per tonne for the external selling price at major domestic ports, which is RMB 0.46 per tonne lower than the domestic alumina price. The alumina import window is gradually opening.
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 WoW 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. On the whole, the operating capacity is expected to continue to rebound slightly. Affected by the 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, the alumina price may encounter resistance, and the spot alumina price is expected to hold up well in the short term.
[The information provided is for reference only. This article does not constitute direct advice for investment research and decision-making. Clients should make decisions cautiously and should not replace their own independent judgment with this information. Any decisions made by clients are not related to SMM.]
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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