SMM, September 29:
**I. Overall Export Volume and Price Performance**
Customs data shows that China's aluminum fluoride exports in August 2026 totaled 11,919.4 mt in a single month, up 14.86% MoM but down 7.70% YoY. On the pricing side, the average export price of aluminum fluoride reached $1,625/mt in August, up 15.5% YoY. Compared with $1,482/mt in January 2026, prices have risen a cumulative 9.6% year-to-date.
Although single-month export volume pulled back YoY in August, the industry's overall export performance in January-August 2026 was impressive, with cumulative aluminum fluoride exports reaching 105,852.4 mt, up 21.6% YoY, significantly above the same period in 2025. The single-month export value reached $19.367 million, at a high level for the year.
**II. Changes in Export Product Mix**
In terms of product category mix, anhydrous aluminum fluoride and other aluminum fluoride products accounted for 94% and 6% of exports, respectively, in August 2026. Compared with the 58:42 split in July and 89:11 in August 2025, the share of anhydrous aluminum fluoride exports rose sharply, with the product mix returning to normal.
In January-August 2026, cumulative exports of anhydrous aluminum fluoride reached 88,033 mt, up 17.8% YoY, accounting for 83.2% of total aluminum fluoride exports and remaining China's main export category. Other aluminum fluoride products posted cumulative exports of 17,818 mt, surging 44.9% YoY, significantly outpacing anhydrous aluminum fluoride and accounting for 16.8% of total exports, with market expansion momentum remaining strong.
Looking at monthly data, August's structural reversal was particularly striking: anhydrous aluminum fluoride exports reached 11,234 mt in the month, down only 2.6% YoY but surging 86.9% MoM, recovering nearly all of July's decline and serving as the core driver of the overall export rebound. In contrast, other aluminum fluoride exports pulled back notably, with single-month exports of 684 mt, down 50.3% YoY and plunging 84.3% MoM.
**III. Major Export Destination Markets**
In August 2026, China's aluminum fluoride export market was characterized by "Indonesia's return + emerging market expansion." Indonesia regained the top destination spot with 2,989 mt (2,414 mt anhydrous + 575 mt other), accounting for 25.1% of total monthly exports. Notably, after Indonesia's anhydrous aluminum fluoride purchases fell to zero in July, they recovered to 2,414 mt in August—mirroring the surge in "other" category volumes in July and their pullback in August. This further confirms that the switching between different HS code products by Indonesian aluminum smelters such as Adaro is merely a supply pacing issue rather than a change in end-use demand. Egypt, Canada, and Oman were the three highlights in emerging markets this month: Egypt at 1,632 mt (a record high, jumping to second place), Canada at 1,350 mt (up 900% YoY and 456% MoM), and Oman at 1,104 mt (the first large order landed, driven by SOHAR Aluminum's capacity expansion in the Middle East). The three countries combined reached 4,086 mt, accounting for 34.3% of total exports for the month, the highest level this year, effectively offsetting the continued contraction in traditional markets such as India and Malaysia.
From January to August 2026, Indonesia's cumulative exports reached 21,393 mt, accounting for 20.2% of total exports, maintaining its position as the largest destination for China's aluminum fluoride exports. India followed with a cumulative 15,241 mt (14.4%), Malaysia with 13,452 mt (12.7%), and Australia with 12,124 mt (11.4%). Breakthroughs in overseas diversification are the core driver supporting the high growth of China's aluminum fluoride exports.
IV. Export Trend Outlook
On the price front, the average export price in August 2026 pulled back slightly by 4.3% MoM due to structural factors—the increased share of large orders at lower unit prices from Indonesia ($1,435/mt) and India ($1,498/mt) diluted the overall average price. However, the share of high-price markets such as Spain ($1,940), Kazakhstan ($1,805), and Canada ($1,798/mt) remained stable. According to SMM monitoring and forecasts, the benchmark downstream tender prices for domestic aluminum fluoride in September were raised by 300-500 yuan/mt overall (high-grade transaction prices climbed to 12,400-12,800 yuan/mt). Cost-driven price increases will be transmitted to export quotations, and the average export price is expected to gradually recover to the $1,650-1,700/mt range. In contrast, in the domestic market, downstream aluminum enterprises have strong sentiment to push for lower prices, significantly squeezing the profit margins of aluminum fluoride producers' domestic sales. This is forcing producers to step up their efforts in overseas market expansion, providing support for further growth in export volumes. Taking into account overseas demand and the market environment, the current export order sentiment in the industry is relatively high, and the resonance of overseas aluminum capacity expansion and production resumptions continues to drive the recovery of aluminum fluoride demand.
