With Minor Cost Adjustments, Industry Profits Were Concentrated In Aluminum Smelters Benefiting From Lower Electricity Costs

From January to October 2023, the average full cost of aluminum in China was around 16,536 yuan/mt, down 8.1% YoY. The average profit was about 2,110 yuan/mt, up 9% YoY.

In September 2023, with domestic alumina prices rebounding, stable power costs, and a slight increase in coal prices for some captive power plants, the full cost of aluminum saw a 0.51% monthly increase to 15,640 yuan/mt.

In the same month, the average spot price of aluminum was around 19,538 yuan/mt. The average industry profit was about 3,898 yuan/mt, up 26% MoM, and 268% YoY.