As of Thursday, this week, the SMM alumina index stood at RMB 3,112.73 per tonne, down RMB 11.94 per tonne from Thursday last week. In Shandong, prices were reported at RMB 3,050-3,110 per tonne, down RMB 15 per tonne from Thursday last week; in Henan, prices were at RMB 3,080-3,120 per tonne, unchanged from Thursday last week; in Shanxi, prices were at RMB 3,050-3,110 per tonne, down RMB 15 per tonne from Thursday last week; in Guangxi, prices were at RMB 3,160-3,200 per tonne, down RMB 10 per tonne from Thursday last week; in Guizhou, prices were at RMB 3,130-3,230 per tonne, down RMB 10 per tonne from Thursday last week; and in Bayuquan, prices were at RMB 3,160-3,240 per tonne, down RMB 50 per tonne from Thursday last week.
Overseas Market:
As of July 3, 2025, the FOB Western Australia alumina price was USD 361 per tonne, with an ocean freight rate of USD 21.80 per tonne. The USD/CNY selling rate was around 7.18, which translates to a domestic mainstream port selling price of approximately RMB 3,112.73 per tonne, RMB 78.47 per tonne higher than the domestic alumina price. The alumina import window remained closed. This week, an overseas alumina spot transaction was inquired about, with details as follows:
Domestic Market:
According to SMM data, as of Thursday this week, the total installed capacity of metallurgical-grade alumina nationwide was 110.82 million per tonne, with a total operating capacity of 88.63 million per tonne. The weekly operating rate of alumina nationwide decreased by 0.31 percentage points from the previous week to 79.97 per cent.
Specifically, the weekly operating rate of alumina in Shandong decreased by 0.31 percentage points from the previous week to 86.24 per cent; in Shanxi, it decreased by 0.4 percentage points from the previous week to 76.60 per cent; in Henan, it remained unchanged from the previous week at 59.17 per cent; and in Guangxi, it decreased by 0.82 percentage points from the previous week to 90.91 per cent.
During the period, alumina futures prices surged, bringing the alumina futures-spot risk-free arbitrage window close to opening. Futures-spot traders were relatively active in inquiries, and spot cargo availability tightened temporarily. Suppliers raised their quotes, leading to sporadic transactions with premiums against the online price.
Overall:
This week, the operating capacity of alumina decreased by 340,000 per tonne to 88.63 million per tonne. In the short term, the operating capacity of alumina is expected to remain high, with only a few manufacturers conducting routine maintenance. The supply in the spot market remains relatively loose, exerting downward pressure on the alumina spot price ceiling.
However, with the recent surge in alumina futures prices, it is necessary to closely monitor changes in futures prices and transfer to delivery warehouse demand in the short term. The alumina price may enter a phase of volatile adjustment.
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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