A dip in alumina price offset gains in electricity prices, leaving aluminium smelters’ costs little changed

In the week ending November 9, China's overall aluminium cost remained stable. Following a rebound, alumina market spot prices stabilized due to fallout of downstream smelter production cuts. With the north's heating season onset, the coal market rebounded, with 5500 kcal coal at ports up to 940-960 yuan/mt, up 20 yuan/mt WoW. However, power plant inventory remains within safe limits, predicting no significant short-term price increase, and stable electricity prices for captive power plants. As of November 9, China's aluminium spot full cost was around 16,176 yuan/mt, down 4 yuan/mt WoW, and the average immediate profit was around 2,993 yuan/mt.