Futures: In the night session, the most-traded alumina ao2601 contract opened at RMB 2,931 per tonne, hit a high of RMB 2,938 per tonne and a low of RMB 2,923 per tonne, and ended at RMB 2,932 per tonne, up RMB 1 per tonne, or 0.03 per cent, with open interest at 323,000 lots.
Ore side: As of September 18, 2025, the SMM imported bauxite index stood at USD 75.17 per tonne, down USD 0.27 per tonne from the previous trading day; the SMM Guinea bauxite CIF average was at USD 74 per tonne, down USD 1 per tonne from the previous trading day; the SMM Australia low-temperature bauxite CIF average was at USD 70 per tonne, flat from the previous trading day; the SMM Australia high-temperature bauxite CIF average was at USD 61.5 per tonne, flat from the previous trading day; the low-grade bauxite self pick-up price excluding VAT in Shanxi was at RMB 605 per tonne, flat from the previous trading day.
Currently, domestic ore mines that suspended production earlier in north China have not resumed, and there is no expectation of a recovery in the near term. Domestic ore supply in the region remains tight, but imported supply is relatively sufficient. The overall market does not show a significant gap, and buyer sentiment to drive down prices continues, with bauxite prices edging lower. At the same time, the alumina supply surplus persists, and spot prices continue to decline. In the short term, bauxite prices are expected to remain in the doldrums.
Spot prices: As of September 18, 2025, the SMM alumina index stood at RMB 3,045.87 per tonne, down RMB 4.21 per tonne M-o-M; the SMM Shandong alumina index was at RMB 2,968.45 per tonne, down RMB 3.05 per tonne M-o-M; the SMM Henan alumina index was at RMB 3,033.79 per tonne, down RMB 4.32 per tonne M-o-M; the SMM Shanxi alumina index was at RMB 2,990.75 per tonne, down RMB 7.42 per tonne M-o-M; the SMM Guizhou alumina index was at RMB 3,188.95 per tonne, down RMB 8.58 per tonne M-o-M; the SMM Guangxi alumina index was at RMB 3,178.18 per tonne, down RMB 2.27 per tonne M-o-M. During the day, a tender for procurement by an aluminium plant in north China was concluded, equivalent to a Shanxi ex-works price of RMB 2,970 per tonne. In the short term, spot alumina prices are expected to continue falling, with the pace of decline slowing.
Industry news:
On September 18, 27,000 tonnes of alumina was traded overseas at a transaction price of USD 318 per tonne FOB Indonesia for October shipment.
According to China Customs, China exported 180,000 tonnes of alumina in August 2025, up 26 per cent YoY. From January to August 2025, China's cumulative alumina exports reached 1.75 million tonnes, up 59.8 per cent Y-o-Y.
According to the General Administration of Customs of China, China imported 18.29 million tonnes of bauxite in August 2025, down 8.82 per cent M-o-M and up 18.2 per cent YoY. January-August 2025, China imported a total of 141.5 million tonnes of bauxite, up 31.40 per cent YoY.
According to SMM statistics on September 18, domestic alumina inventory totalled 4.199 million tonnes, an increase of 38,000 tonnes from the previous week.
Spot-Futures Price Spread Daily Report: Based on SMM data, as of 11:30 on September 18, the SMM alumina index was at a premium of RMB 108.87 per tonne against the latest transaction price of the most-traded contract.
Warrant Daily Report: On September 18, the total registered volume of alumina warrants decreased by 904 tonnes from the previous trading day to 150,400 tonnes. In Shandong, the total registered volume of alumina warrants remained unchanged from the previous trading day at 0. In Henan, the total registered volume of alumina warrants remained unchanged from the previous trading day at 0. In Guangxi, the total registered volume of alumina warrants remained unchanged from the previous trading day at 0. In Gansu, the total registered volume of alumina warrants remained unchanged from the previous trading day at 0. In Xinjiang, the total registered volume of alumina warrants decreased by 904 tonnes from the previous trading day to 150,400 tonnes.
Overseas Market: As of September 18, 2025, the FOB Western Australia alumina price was USD 325 per tonne, the ocean freight rate was USD 24.1 per tonne, and the USD/CNY selling rate was around 7.13. This price translated to a selling price of approximately RMB 2,891.48 per tonne at mainstream domestic ports, which was RMB 154.39 per tonne lower than the SMM alumina index price, keeping the import window open. Today's transaction price decreased by USD 12 per tonne compared to the previous transaction, translating to a selling price of approximately RMB 2,750 per tonne at mainstream domestic ports, about RMB 296 per tonne lower than the SMM alumina index.
Summary: Overall, the alumina market fundamentals remained in a surplus pattern. Supply side, in south China, production resumptions were completed at plants that had roasting furnaces under maintenance during the cycle, and operating capacity continued to run at high levels. The import window was open, domestic inventory remained high, and the overall domestic alumina supply surplus persisted. Demand side, raw material inventory at aluminium smelters increased slowly, tenders from aluminium plants increased, and tender prices were at a discount against the listed prices, driving down the listed prices. In the short term, spot alumina prices continued their downward trend.
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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