Yuefeng Aluminum Technology statistics show that in April 2026, the average tax-inclusive production cost of the electrolytic aluminum industry in China was 15,927.28 yuan per ton, increasing by 1.04% compared with the previous month and decreasing by 3.01% compared with the same period last year. From January to April 2026, the average tax-inclusive production cost of the electrolytic aluminum industry in China was 15,796.67 yuan per ton. In April 2026, the average tax-inclusive total cost (including sales) of the electrolytic aluminum industry in China was 16,290.63 yuan per ton, increasing by 1.02% compared with the previous month and decreasing by 2.96% compared with the same period last year. From January to April 2026, the average tax-inclusive total cost (including sales) of the electrolytic aluminum industry in China was 16,160.4 yuan per ton.
In terms of electricity usage, the average comprehensive electricity cost for the electrolytic aluminum industry in April was 0.4167 yuan per kilowatt-hour, down by 0.0031 yuan per kilowatt-hour compared to 0.4198 yuan per kilowatt-hour in March, representing a decline of 0.74%. Compared to the same period last year, it dropped by 1.19%. The average electricity cost for 2026 was 0.4197 yuan per kilowatt-hour. In terms of thermal power, in March, the demand from the downstream sector increased and the domestic price of thermal coal rose. However, according to the research by Baichuan Yingfu, in April, the thermal power electricity cost for some electrolytic aluminum enterprises decreased compared to the previous month. In terms of hydropower, in April, some regions had entered the peak water period and the hydropower electricity cost decreased. Overall, this led to a downward trend in the comprehensive electricity cost for the electrolytic aluminum industry compared to the previous month. In April, the downstream demand for domestic thermal coal was strong and the price continued to rise slightly, which will lead to a slight increase in the thermal power electricity cost for the electrolytic aluminum industry in May. However, more regions entered the peak water period in May, and the hydropower electricity cost will continue to decline. In summary, it is expected that the comprehensive electricity cost for the electrolytic aluminum industry in May 2026 may continue to decline.
In terms of alumina, the price of alumina rose initially and then fell in April (the settlement month). This was mainly influenced by the fact that the supply of alumina in the industry was tight in the early stage and the expected continuous increase in new production capacity and supply was ongoing. The settlement price of alumina in April (from 3.26 to 4.25) was 2732 yuan per ton, up by 44 yuan per ton, or 1.64%.
In terms of pre-baked anodes, the purchase benchmark price of pre-baked anodes at a certain aluminum plant in Shandong increased by 300 yuan/ton compared to March in April 2026, and the current spot price was 5,474 yuan/ton. Regarding electricity prices, the average comprehensive electricity cost for the electrolytic aluminum industry in China in April 2026 was 0.4167 yuan/kWh, showing a slight环比 decrease.
Overall, in April, the tax-inclusive production cost of China's electrolytic aluminum industry increased compared with the previous month. In terms of prices, the spot settlement price of Baichuan Yingfu in April 2026 was 24,526.52 yuan/ton, rising by 213.87 yuan/ton, or 0.87%. Based on production costs, the theoretical average profit of the electrolytic aluminum industry in April 2026 was 8,599.24 yuan/ton, increasing by 0.55% compared with the previous month. It is expected that in May 2026, the price of pre-baked anode will rise, the price of alumina will fall, and the electricity price will also fall. Overall, it is expected that the theoretical cost of the electrolytic aluminum industry in May may fluctuate slightly.
