SMM Alumina Morning Comment 3.25 Futures: The most-traded 2505 alumina contract opened at RMB 3,075 per tonne, reached a high of RMB 3,015 per tonne, a low of RMB 3,069 per tonne, and closed at RMB 3,074 per tonne, up RMB 1 per tonne or 0.04 per cent. Open interest was 214,000 lots. Ore: As of March 24, the SMM imported bauxite index stood at USD 93.33 per tonne, unchanged from the previous trading day; the SMM Guinea bauxite CIF average price was USD 91per tonne, unchanged; the SMM Australian low-temperature bauxite CIF average price was USD 87per tonne, unchanged; the SMM Australian high-temperature bauxite CIF average price was USD 81per tonne, unchanged.
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Spot Alumina: On Monday, an aluminium plant in Xinjiang tendered for some spot alumina, with transaction prices ranging from RMB 3,350 to 3,370 per tonne delivered to the factory. Industry News: A large alumina refinery in Shandong reduced its liquid caustic soda purchase price. According to SMM, starting from March 23, a major alumina refinery in Shandong adjusted the purchase price of 32 per cent ion membrane liquid caustic soda, reducing it by RMB 40 per tonne from RMB 880 per tonne; the new ex-factory price under the two-invoice system is RMB 840 per tonne (equivalent to about RMB 2,625 per tonne on a 100 per cent basis).
The Indian Ministry of Commerce and Industry announced a definitive affirmative anti-dumping ruling on aluminium foil with a thickness not exceeding 80 microns, originating from or imported from China, and recommended imposing a five-year anti-dumping duty of 479-721 USD per tonne. The products subject to the investigation include aluminium foil with a width less than 500 mm and a purity of 99.335 per cent used for capacitors, as well as aluminium foil with a thickness between 5.5 and 80 microns.
Products not subject to the duty include: 1. Aluminium foil with a thickness below 5.5 microns for non-capacitor use;
2. Aluminium foil with a thickness below 5 microns and 5-5.5 microns for capacitor use;
3. Ultra-light conversion aluminium foil with a thickness of 5.5-7 microns, used for insulation, fragrance packaging, thermal fluid line covering, and tea packaging;
4. Etched or formed aluminium foil for electrolytic capacitors;
5. Aluminium composite panels for surface coating and signage applications;
6. Laminated aluminium foil;
7. Aluminium foil for beer bottles, 10.5 microns thick, with a rough and porous surface, whether printed or not;
8. Aluminium-manganese-silicon alloy and/or laminated aluminium-manganese-silicon alloy;
9. Aluminium foil tape;
10. Coloured coated aluminium foil;
11. Polyurethane-coated aluminium foil.
Spot-Futures Price Spread Daily: According to SMM data, on March 24, the SMM alumina index had a premium of RMB 79 per tonne against the most-traded contract at 11:30 am. Warrant Daily: On March 24, the total registered volume of alumina warrants decreased by 595 tonnes to 277,500 tonnes. In Shandong, the total registered volume remained unchanged at 4,513 tonnes. In Henan, the total registered volume decreased by 1,799 tonnes to 27,300 tonnes. In Guangxi, the total registered volume remained unchanged at 49,800 tonnes. In Gansu, the total registered volume increased by 1,204 tonnes to 22,500 tonnes. In Xinjiang, the total registered volume remained unchanged at 173,300 tonnes. Overseas Market: As of March 24, 2025, the FOB Western Australia alumina price was USD 400 per tonne, with an ocean freight rate of USD 21.20 per tonne.
The USD/CNY exchange rate selling price was around 7.27, translating to a domestic mainstream port selling price of approximately RMB 3,541 per tonne, which is RMB 389 per tonne higher than the domestic alumina price. The alumina import window remained closed. For exports, based on the latest spot alumina transaction prices in Shandong, the domestic alumina export cost is around USD 450 per tonne, lower than the overseas alumina spot price, keeping the export window closed.
Summary: Recently, the weekly operating rate of alumina has been slightly reduced. As of last Thursday, according to SMM data, the total operating capacity of metallurgical alumina nationwide decreased to 88.01 million tonnes per year, but the reduction was limited. As of last Thursday, the total operating capacity of domestic aluminium was 43.84 million tonnes per year, equivalent to an alumina demand capacity of around 84.4 million tonnes year. Even considering net alumina exports, the fundamentals still indicate a supply surplus. In the short term, alumina prices may continue to be under pressure. Continued attention should be paid to 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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