Alumina futures saw a slight rebound on Monday, after a period of downward movement. The most-traded 2505 alumina contract opened at RMB 3,075 per tonne, reaching a high of RMB 3,015 and a low of RMB 3,069 before closing at RMB 3,074. This marked a gain of RMB 1 per tonne, or 0.04%. Open interest stood at 214,000 lots.
Stable Bauxite Prices
As of March 24, key bauxite prices remained unchanged. The SMM imported bauxite index was at USD 93.33 per tonne. Prices for bauxite from Guinea were steady at USD 91 per tonne, while Australian low-temperature and high-temperature bauxite CIF prices were at USD 87 and USD 81 per tonne, respectively.
Spot Alumina Transactions
On Monday, an aluminum plant in Xinjiang held a tender for spot alumina, with transaction prices ranging from RMB 3,350 to RMB 3,370 per tonne, delivered to the factory.
Shandong Alumina Refinery Adjusts Caustic Soda Prices
In other industry news, a major alumina refinery in Shandong reduced its purchase price for liquid caustic soda by RMB 40 per tonne. Starting from March 23, the price of 32% ion membrane liquid caustic soda was adjusted from RMB 880 per tonne to RMB 840 per tonne, reflecting the new ex-factory price under the two-invoice system.
India Imposes Anti-Dumping Duty on Aluminium Foil from China
The Indian Ministry of Commerce and Industry has imposed an anti-dumping duty on aluminium foil imported from China. The duty, which ranges from USD 479 to USD 721 per tonne, applies to aluminium foil used for capacitors, with a thickness not exceeding 80 microns and a purity of 99.335%. Products not subject to the duty include aluminium foil below 5.5 microns and certain specialty foil products.
Alumina Price Spread and Warrant Data
According to SMM, the spot-futures price spread for alumina on March 24 was RMB 79 per tonne, with the most-traded contract price at RMB 3,074 per tonne. Meanwhile, the total registered volume of alumina warrants decreased by 595 tonnes, standing at 277,500 tonnes. Registered volumes in Henan and Gansu showed changes, with Henan seeing a decrease of 1,799 tonnes and Gansu an increase of 1,204 tonnes.
Overseas Alumina Market
As of March 24, 2025, the FOB price for alumina in Western Australia stood at USD 400 per tonne, with an ocean freight rate of USD 21.20 per tonne. The domestic price of alumina in China, based on the USD/CNY exchange rate, was approximately RMB 3,541 per tonne, which is RMB 389 higher than the domestic alumina price. This discrepancy keeps the alumina import window closed, while exports remain unfeasible due to the lower domestic price compared to the overseas market.
Alumina Supply and Demand Outlook
The total operating capacity of alumina production in China has slightly decreased, with the current national metallurgical alumina capacity at 88.01 million tonnes per year, down from previous figures. The total capacity for domestic aluminium production stands at 43.84 million tonnes per year, which corresponds to an alumina demand of approximately 84.4 million tonnes annually.
Despite a slight reduction in production capacity, the supply of alumina still exceeds demand, and the market remains in surplus. This oversupply could continue to put pressure on alumina prices in the short term. Industry participants are advised to monitor changes in alumina operating capacity closely.
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