Falling Aluminium Prices Eroded Smelters' Profits

On March 27, Dongxing Aluminum achieved its production targets for key products such as electrolytic aluminum, aluminum coils, and aluminum rods in the first quarter. Among them, the output of electrolytic aluminum was 425,800 tons, aluminum coils were 160,100 tons, and aluminum rods were 30,200 tons. The electrolytic cell operation rate reached a maximum of 99.9%, and the on-site conversion rate of molten aluminum reached 95.7%.

Tianshan Aluminum (002532) released its performance forecast on March 29, projecting a net profit attributable to shareholders of 2.2 billion yuan for the first quarter of 2026, representing a year-on-year increase of 107.92%. The main reasons for the company's performance growth are: the partial commissioning of capacity from the 1.4 million-ton electrolytic aluminum green and low-carbon energy efficiency improvement project, resulting in a year-on-year increase of approximately 10% in electrolytic aluminum production and sales; simultaneously, the sales price of electrolytic aluminum products increased by approximately 17% year-on-year, while production costs were effectively controlled and decreased year-on-year, resulting in a synergistic effect of increased volume and price.

Yunnan Aluminium Co., Ltd. released its 2025 annual report. During the reporting period, the company achieved operating revenue of RMB 60.043 billion, a year-on-year increase of 10.27%. Net profit attributable to shareholders of the listed company was RMB 6.055 billion, a year-on-year increase of 37.24%. During the reporting period, the company produced 1.3036 million tons of alumina and 3.2259 million tons of aluminum products, a year-on-year increase of 6.47%.