According to statistics from Yuefeng Aluminum, the average tax-inclusive production cost of China's electrolytic aluminum industry in October 2025 was 15,737.08 yuan per ton, a decrease of 1.13% month-on-month and 15.12% year-on-year. From January to October 2025, the average tax-inclusive production cost of China's electrolytic aluminum industry was 16,745.93 yuan per ton. In October 2025, the average full cost (including sales) of China's electrolytic aluminum industry including tax was 16,100.49 yuan per ton, a decrease of 1.11% compared with the previous month. From January to October 2025, the average full cost (including sales) of China's electrolytic aluminum industry including tax was 17,111.49 yuan per ton. In terms of alumina, the operating rate of alumina remained high in October, and the supply was still in excess. The settlement price of alumina in October (September 26- October 25) was 2,940 yuan per ton, a decrease of 170 yuan per ton compared with the previous month, representing a decline of 5.47%. In terms of pre-baked anodes, the benchmark purchase price of pre-baked anodes for a certain aluminum plant in Shandong Province in October 2025 was 70 yuan per ton higher than that in September, and the current exchange rate was 4,902 yuan per ton. In terms of electricity prices, the average comprehensive usage electricity price for China's electrolytic aluminum industry in October 2025 was 0.3931 yuan per kilowatt-hour, showing a slight increase compared to the previous month. Overall, affected by the price of alumina, the tax-inclusive production cost of China's electrolytic aluminum industry decreased month-on-month in October. In terms of price, the spot settlement price of Baichuan Yingfu in October 2025 was 20,867.8 yuan per ton, an increase of 136.15 yuan per ton compared with the previous month, representing a growth of 0.66%. Based on production costs, the theoretical average profit of the electrolytic aluminum industry in October 2025 was 5,130.72 yuan per ton, an increase of 6.57% compared with the previous month. The industry continued to maintain a significant profit. In November 2025, electricity prices and the prices of pre-baked anodes are expected to rise, while the average price of alumina may continue to fall. It is comprehensively estimated that the theoretical cost of the electrolytic aluminum industry may increase slightly in November.
According to statistics from Yuefeng Aluminum, the average total cost of China's alumina industry including tax in October 2025 was 2,894.35 yuan per ton, a decrease of 38.11 yuan per ton compared to 2,932.46 yuan per ton in September, representing a month-on-month decline of 1.3% and a year-on-year decrease of 1.86%. In October, the prices of alumina raw materials fluctuated both. In terms of ores, the domestic bauxite market has limited changes, and the price range has been consolidated. In terms of imported ore, the price of ore used by alumina plants has slightly declined. Overall, the cost of ore usage for alumina plants decreased in October. In the liquid caustic soda market, enterprises have been constantly lowering their quotations due to inventory pressure. Coupled with the significant cost pressure on alumina enterprises, the price of caustic soda has been depressed, leading to a decline in liquid caustic soda quotations. As a result, the cost of caustic soda for alumina decreased in October. In the domestic thermal coal market, as the heating season approaches, demand is strong and downstream buyers are quite active. The price trend of domestic thermal coal is on the rise. Overall, the production cost of alumina in October decreased compared with that in September.
