Futures Market: Overnight, the most-traded alumina 2509 futures contract opened at RMB 3,138 per tonne, with a high of RMB 3,194 per tonne, a low of RMB 3,120 per tonne, and closed at RMB 3,164 per tonne, up RMB 27 per tonne or 0.85 per cent, with an open interest of 246,000 lots.
Ore: As of July 14, the SMM imported bauxite index was reported at USD 73.69 per tonne, down USD 0.03 per tonne from the previous trading day; the SMM Guinea bauxite CIF average price was reported at USD 73.5 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 61 per tonne, unchanged from the previous trading day.
Spot Market: On Monday, aluminium smelters in north-west China tendered to purchase some alumina, with the winning bid price converting to around RMB 3,200 per tonne ex-factory in Shanxi.
Industry News:
On July 14, Alcoa and its joint venture partner Ignis Equity Holdings confirmed that the restart of the San Ciprián aluminium smelter in Spain, which had been suspended due to a previous nationwide power outage, had been reinitiated. The widespread power outage in Spain in April affected the complex, causing the originally planned restart to be postponed.
Alcoa and Ignis stated that after detailed reports and consultations with the Spanish government on the causes of the power outage and measures to enhance power grid resilience, they decided to resume the project schedule.
Rob Bear, Alcoa's Vice President for Spain, said, "We have reviewed the government's report on the power outage and obtained commitments from the national and local governments on power grid reliability and energy competitiveness."
Alcoa expects the smelter to record a net loss of approximately USD 90 million to USD 110 million in 2025, with the entire restart process expected to be completed by mid-2026.
Spot-Futures Price Spread Daily Report: According to SMM data, on July 14, the SMM alumina index had a premium of RMB 25.74 per tonne against the latest transaction price of the most-traded contract at 11:30.
Warrant Daily Report: On July 14, the total registered alumina warrant volume increased by 4,803 tonnes from the previous trading day to 23,400 tonnes.
The total registered alumina warrant volume in Shandong remained unchanged at 0 from the previous trading day, in Henan remained unchanged at 0 from the previous trading day, in Guangxi remained unchanged at 1,200 tonnes from the previous trading day, in Gansu remained unchanged at 0 from the previous trading day and in Xinjiang increased by 4,803 tonnes from the previous trading day to 22,200 tonnes.
Overseas Market: As of July 14, 2025, the FOB Western Australia alumina price was USD 366 per tonne, with an ocean freight rate of USD 22.15 per tonne and the USD/CNY selling rate was around 7.19. This price converts to approximately RMB 3,232 per tonne for the external selling price at major domestic ports, which is RMB 78 per tonne higher than the domestic alumina price, keeping the alumina import window closed.
Summary: From the perspective of raw material demand for aluminium production, alumina supply remains relatively ample, with alumina operating capacity nearing 88.5 million tonnes per year. The combined annualised operating capacity demand for aluminium production and net exports stands at approximately 86 million tonnes.
According to SMM, alumina inventory at aluminium smelters increased by approximately 22,000 tonnes WoW last week. However, following the rise in alumina futures, futures-spot arbitrage opportunities emerged, driving increased demand from traders for alumina delivery brands and active inquiries.
Spot alumina supply tightened as suppliers refused to budge on prices. Under these circumstances, some high-premium transactions emerged, boosting spot prices to rebound. In the near term, spot alumina prices are expected to hold up well, with subsequent trends requiring continuous monitoring of total SHFE warrant registrations and changes in alumina operating capacity.
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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