SMM Alumina Morning Comment on April 28 suggests:
Futures market: Overnight, the most-traded alumina 2509 futures contract opened at RMB 2,860 per tonne, with a high of RMB 2,862 per tonne, a low of RMB 2,817 per tonne, and closed at RMB 2,830 per tonne, down RMB 32 per tonne or 1.12 per cent, with open interest at 224,000 lots.
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Bauxite: As of April 28, the SMM imported bauxite index was reported at USD 80.12 per tonne, down USD 0.29 per tonne from the previous trading day. The SMM Guinea bauxite CIF average price was reported at USD 79 per tonne, down USD 1 per tonne from the previous trading day. The SMM Australian low-temperature bauxite CIF average price was reported at USD 80 per tonne, unchanged from the previous trading day. The SMM Australian high-temperature bauxite CIF average price was reported at USD 72 per tonne, unchanged from the previous trading day.
Industry updates:
(1) Alumina spot: On Monday, inquiries revealed that some alumina spot was tendered and purchased by aluminium plants in Xinjiang, with transaction prices ranging from approximately RMB 3,160-3,220 per tonne delivered to the plant, mainly concentrated at RMB 3,180-3,200 per tonne.
(2) Overseas alumina transactions: On April 23, 30,000 tonnes of alumina were traded overseas at a price of USD 347.5 per tonne FOB Bunbury/Kwinana/Gladstone, Australia, with a May shipment schedule.
(3) Alumina capacity dynamics: From March to April 2025, alumina enterprises gradually began to face losses, and several alumina enterprises chose to conduct maintenance during this period. From late March to April, according to SMM, approximately 11.5 million tonnes of capacity underwent maintenance. Meanwhile, some alumina enterprises reported plans for maintenance in May. Since most enterprises conducted maintenance on roasting furnaces, the reduction in alumina production during the maintenance period could be partially compensated after the maintenance was completed. Therefore, further understanding and calculation are needed to assess the impact of maintenance on the monthly alumina production.
(4) Bauxite port arrivals and departures: According to bauxite port data on April 25, the total weekly bauxite arrivals at domestic ports were 4.8612 million tonnes, an increase of 657,300 tonnes from the previous week. The total weekly bauxite departures from main ports in Guinea were 3.8181 million tonnes, an increase of 502,600 tonnes from the previous week. The total weekly bauxite departures from main ports in Australia were 389,200 tonnes, a decrease of 256,900 tonnes from the previous week. In mid-April, the production and shipment of individual miners in Guinea were affected. As of now, the situation remains unclear, and the impact needs to be continuously tracked and assessed. As of now, under these circumstances, there has been no significant trend of decrease in bauxite shipments from Guinea. The average weekly bauxite departures from main ports in Guinea were 3.859 million tonnes per week in April and 3.855 million tonnes per week in March, basically flat. Whether the total supply of Guinea bauxite will be affected requires continuous tracking and observation.
Basis report: According to SMM data, on April 28, the SMM alumina index had a premium of RMB 28 per tonne against the latest transaction price of the most-traded contract at 11:30.
Warrant report: On April 28, the total registered alumina warrants decreased by 3,001 tonnes from the previous trading day to 271,700 tonnes. The total registered alumina warrants in Shandong remained unchanged from the previous trading day at 3,307 tonnes. The total registered alumina warrants in Henan decreased by 601 tonnes from the previous trading day to 5,101 tonnes. The total registered alumina warrants in Guangxi remained unchanged from the previous trading day at 36,600 tonnes. The total registered alumina warrants in Gansu decreased by 1,200 tonnes from the previous trading day to 13,200 tonnes. The total registered alumina warrants in Xinjiang decreased by 1,200 tonnes from the previous trading day to 213,500 tonnes.
Overseas market: As of April 28, 2025, the FOB Western Australia alumina price was USD 348 per tonne, with an ocean freight rate of USD 20.50 per tonne. The USD/CNY exchange rate selling price was around 7.32. This price translates to an external selling price of approximately RMB 3,127 per tonne at domestic main ports, which is RMB 233.51 per tonne higher than the domestic alumina price. The alumina import window remained closed.
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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