The average cost of China's alumina industry in August 2025
According to statistics from Yuefeng Aluminum, the average total cost of China's alumina industry including tax in August 2025 was 2,930.38 yuan per ton, a decrease of 2.83 yuan per ton compared to 2,933.21 yuan per ton in July, representing a month-on-month decline of 0.10% and a year-on-year increase of 1.71%. In August, the prices of alumina raw materials fluctuated both. In terms of ores, domestic ore prices remain stable, but the cost for enterprises to use imported ores has decreased. In the liquid caustic soda market, the market activity is still acceptable, and the sales pressure on enterprises is not significant. Therefore, the quotations have slightly increased. In the thermal coal market, downstream buyers are actively purchasing, and domestic thermal coal prices are mainly on the rise. Overall, although the prices of liquid caustic soda and thermal coal have both increased, the cost for enterprises to use imported ore this month has decreased, ultimately leading to a slight reduction in the cost of the alumina industry.
2. Electricity prices for the electrolytic aluminum industry in China in August 2025
According to statistics from Yuefeng Aluminum, the average comprehensive electricity price for China's electrolytic aluminum industry in August 2025 was 0.3861 yuan per kilowatt-hour, a decrease of 0.0062 yuan per kilowatt-hour compared to 0.3923 yuan per kilowatt-hour in July 2025, representing a decline of 1.58%. It also dropped by 6.20% compared to the same period last year. The average electricity price in 2025 was 0.4134 yuan per kilowatt-hour. In terms of thermal power, the electricity price of thermal power has a certain delaying effect on the price of thermal coal. In July, the market transaction activity increased, and the domestic thermal coal price center shifted upward, driving up the thermal power prices of some enterprises, but the overall increase was not significant. In terms of hydropower, the flood season has led to a continued decline in hydropower prices. Overall, the comprehensive electricity price for the electrolytic aluminum industry in August decreased compared with the previous month. In August, downstream buyers were very active, and domestic thermal coal prices mainly rose. This may drive a slight increase in thermal power prices in September. During the wet season, hydropower prices will remain at a low level with limited fluctuations. Overall, it is expected that the comprehensive electricity price for the electrolytic aluminum industry in September 2025 will increase slightly compared with the previous month.
3. Average cost of China's electrolytic aluminum industry in August 2025
According to statistics from Yuefeng Aluminum, the average tax-inclusive production cost of China's electrolytic aluminum industry in August 2025 was 16,182.1 yuan per ton, an increase of 0.12% month-on-month and a decrease of 7.99% year-on-year. From January to August 2025, the average tax-inclusive production cost of China's electrolytic aluminum industry was 16,975.6 yuan per ton. In August 2025, the average full cost (including sales) of China's electrolytic aluminum industry including tax was 16,545.42 yuan per ton, an increase of 0.07% compared with the previous month. From January to August 2025, the average full cost (including sales) of China's electrolytic aluminum industry including tax was 17,341.7 yuan per ton. In terms of alumina, the price of alumina first rose and then fell. The tight supply situation in some local areas in the early stage still exists, and the price of alumina still rose slightly. Subsequently, as the shipment situation of alumina improves, the overall market supply shows an oversupply state. The bearish sentiment of the market's bulls is strong, and the transactions are mostly at a discount to the online price, driving the price of alumina down. The settlement price of alumina in August (July 26- August 25) was 3,256 yuan per ton, rising by 94 yuan per ton compared with the previous month, with a growth rate of 2.97%. In terms of pre-baked anodes, the benchmark purchase price of pre-baked anodes for a certain aluminum plant in Shandong Province in August 2025 was 10 yuan per ton lower than that in July, and the current exchange rate was 4,739 yuan per ton. In terms of electricity prices, the average comprehensive usage electricity price for China's electrolytic aluminum industry in August 2025 was 0.3861 yuan per kilowatt-hour, continuing to decline compared with the previous month. Overall, affected by the price of alumina, the tax-inclusive production cost of China's electrolytic aluminum industry increased slightly month-on-month in August. In terms of price, the spot settlement price of Baichuan Yingfu in August 2025 was 20,601.48 yuan per ton, a decrease of 71.84 yuan per ton compared with the previous month, representing a decline of 0.35%. In terms of production cost, the theoretical average profit of the electrolytic aluminum industry in August 2025 was 4,419.38 yuan per ton, a decrease of 2.02% compared with the previous month. The industry continued to maintain a significant profit. In September 2025, pre-baked anodes and electricity prices are likely to rise, while the price of alumina may continue to fall. Based on a comprehensive estimate, the theoretical cost of the electrolytic aluminum industry is expected to remain basically stable in September.
