DAILY: Chinese spot alumina prices remain weak

The Mysteel-assessed national average spot price for smelter-grade alumina with a purity exceeding 98.6% fell further by Yuan 5/tonne ($0.7/t) from Monday to settle at Yuan 2,770/t including the 13% VAT on Tuesday, returning to the price level last seen on November 28, 2022. 

Regionally, the assessed price for the same grade of alumina in Shanxi province declined by Yuan 10/t on day to Yuan 2,750/t, while prices in Shandong and Henan provinces and in the Guangxi autonomous region dipped by Yuan 5/t from Monday to average between Yuan 2,670/t and Yuan 2,825/t. By contrast, the price in Guizhou province remained flat at Yuan 2,850/t.

The same day, major alumina futures prices regained some ground, with the most-traded alumina contract on the Shanghai Futures Exchange for January 2026 delivery rising by 0.75% to close Tuesday's nighttime trading session at Yuan 2,553/t by 1 a.m. Wednesday, rebounding from a 0.2% daytime drop.

On the supply side, although some alumina producers have recently adjusted output to accommodate maintenance stoppages, the nationwide run-rate remains high. On Monday, an alumina refiner in Jiaozuo, Henan province, began calciner maintenance in response to a heavy air pollution warning issued by the local government, with the duration of the stoppage unclear.

On the demand side, primary aluminum smelters generally showed limited buying interest yesterday. Holding ample raw material inventories, many smelters in Northwest China were reluctant to restock, having already secured sufficient material. Meanwhile, smelters in southern regions only purchased at lower price levels.

Reflecting the tepid purchasing demand, spot market trading activity remained subdued on Tuesday, with Mysteel not hearing of any concluded deals.

Written by Iris Pang, pangjunyu@mysteel.com