In May 2025, prebaked anode exports increased MoM, with orders from Indonesia, Canada, and the UAE rising by over 10%, contributing to a total increase of over 80,000 mt. Orders from Malaysia, Iceland, and Russia declined. Southeast Asia and the Middle East emerged as the main drivers of export growth due to supportive industrial policies and active investments, while demand contracted in some traditional markets due to local capacity adjustments. Overall, the release of new aluminum capacity overseas and the recovery of production capacity at some enterprises drove strong export performance. On the raw material side in Q2, weakness led to a decrease in upward momentum for prices, and export order prices are expected to fall. In the future, fluctuations in raw material prices, geopolitical risks, and a slowdown in global macroeconomic growth may impact the pricing system and delivery schedules of export orders, necessitating close attention to market dynamics.