Yuefeng Technology statistics show that in October 2026, the average tax-inclusive production cost of China's electrolytic aluminum industry was 16,052.01 yuan per ton, increasing by 1.17% compared with the previous month and by 2.00% compared with the same period last year. From January to October 2026, the average tax-inclusive production cost of China's electrolytic aluminum industry was 15,831.34 yuan per ton.
Regarding electricity prices, the average comprehensive electricity usage price of the electrolytic aluminum industry in October was 0.4086 yuan per kilowatt-hour, an increase of 0.0034 yuan per kilowatt-hour compared with 0.4052 yuan per kilowatt-hour in September, representing an increase of 0.84%. Compared with the same period last year, it increased by 3.94%. The average electricity price in 2026 was 0.4085 yuan per kilowatt-hour. In terms of thermal power, the supply in the domestic power plants became tight in September, and the domestic power coal prices rose, leading to further increases in the thermal power electricity prices in October. In terms of hydropower, some regions transitioned to the off-season period, and the hydropower electricity prices rose. Overall, the comprehensive electricity usage price of the electrolytic aluminum industry in October increased compared with the previous month. The progress of coal mine resumption in October was slow, and the domestic power coal prices remained in a range of fluctuations, with an average price increase of a small amount, which will lead to a small increase in the thermal power electricity prices in November. In addition, some regions will enter the dry season in November, and the hydropower electricity prices may have a significant increase. Therefore, it is expected that the comprehensive electricity usage price of the electrolytic aluminum industry in November 2026 may continue to increase.
Regarding alumina, some alumina enterprises faced cash losses in October, and the fourth quarter heating season may have an impact on their production. Market predictions indicate the possibility of subsequent production cuts, so there is a certain bullish sentiment. However, the supply of alumina still remains in an oversupply state, and the negative fundamentals continue to put pressure on prices. The price war between supply and demand parties is becoming increasingly intense. The settlement price of alumina in October (9.26 - 10.25) was 2,660 yuan per ton, a decrease of 18 yuan per ton, or 0.67%.
For pre-baked anodes, the benchmark purchase price of pre-baked anodes in a certain aluminum factory in Shandong Province in October 2026 was 400 yuan per ton higher than that in September, and the current spot price was 6,130 yuan per ton.
Overall, the tax-inclusive production cost of China's electrolytic aluminum industry increased compared with the previous month in October. Regarding prices, the spot settlement price of alumina in October was 23,708.73 yuan per ton, a decrease of 539.5 yuan per ton, or 2.22%, based on the production cost. The theoretical average profit of the electrolytic aluminum industry in October was 7,656.72 yuan per ton, a decrease of 8.66% compared with the previous month. It is expected that the price of alumina will slightly decline in November, and the prices of pre-baked anodes and electricity may continue to rise. Overall, the theoretical cost of the electrolytic aluminum industry is expected to continue to increase in November.
