The Government of Guinea has ordered a complete clean-up of mining licenses: President Dumbuya instructed on 8 May that all mining rights of non-compliant companies should be revoked, and has revoked the licenses of two defunct mines, Guiter Mining and Kebo Energy, on 9 May. Officials have also initiated an itemized verification of all project milestones, refinery construction, and FODEL payments; companies that fail to build, pay, or complete ESIAs within the timeframe face steep fines and even the revocation of their mining rights.

Details of the hot topics in the aluminum market in April are as follows......

[SMM Aluminum Morning Meeting Summary: Bullish and Bearish Factors Intertwined in Macro and Fundamentals, Aluminum Prices Expected to Fluctuate Considerably] In terms of macro factors, it will still take time for the transmission of domestic favorable policies to take effect, while positive progress in the Sino-US tariff game may drive up futures prices. In terms of fundamentals, the destocking of domestic aluminum ingot inventory provides support for aluminum prices, but the expected weakening of subsequent demand and the weakening of aluminum production costs both provide support for bears. With insufficient momentum for aluminum prices to break through 20,000, it is expected that domestic aluminum prices will fluctuate considerably in the short term amidst the intertwining of bullish and bearish factors.

An aluminum enterprise in Shandong has adjusted the benchmark tender price for prebaked anodes in May 2025, with a decrease of 266 yuan/mt MoM. Meanwhile, a major domestic prebaked anode sales company has also lowered its sales prices, with a MoM decline of 466 yuan/mt. The performance of the raw material side has become a key factor in market fluctuations. Prices of petroleum coke and coal tar pitch have both declined. According to SMM data, as of May 9, the comprehensive cost of prebaked anodes in China had dropped to 4,985 yuan/mt, a significant decrease of 7.08% from April 7. The easing of cost-side pressure has supported the industry's profitability: Based on a one-month production cycle, despite prebaked anode enterprises still operating at a loss, the theoretical loss amount has narrowed by approximately 103 yuan/mt MoM, indicating clear signs of market recovery. Currently, the petroleum coke market is experiencing a tug-of-war between sellers and buyers. On the one hand, an increase in the number of refineries undergoing maintenance has provided bottom support for prices. On the other hand, the persistent sluggishness in downstream procurement enthusiasm and strong wait-and-see sentiment have led to significant downward pressure on petroleum coke prices. SMM expects petroleum coke prices to continue their downward trend in May, thereby exerting a sustained impact on the cost side of prebaked anodes. Considering the aforementioned factors, SMM expects prebaked anode prices to remain in the doldrums next month.

[Supply-demand imbalance coupled with cost disturbances led to a decline in ADC12 prices in Q2 [SMM Analysis]]