The production cost of electrolytic aluminum in China continued to decline in May
June 7, 2025
According to Antaike's estimation, the weighted average complete cost (including tax) of electrolytic aluminum in China in May 2025 was 16,374 yuan per ton, a decrease of 173 yuan per ton or 1.0% compared with the previous month, and a decrease of 922 yuan per ton or 5.3% compared with the same period last year. During the same period, the price center of electrolytic aluminum shifted upward month-on-month. The average price of continuous contracts of aluminum in Shanghai in May was 20,077 yuan per ton, rising by 160 yuan or 0.8% month-on-month. The entire industry continued to maintain a relatively high profit. The average profit for the month was calculated to be 3,703 yuan per ton, an increase of 333 yuan per ton compared with the previous month.
From the perspective of energy and raw material prices, the price of alumina rose slightly in May, the price of electricity continued to decline, the price of anodes turned to fall, and the overall production cost of electrolytic aluminum showed a downward trend. In May, supported by factors such as policy, cost and the bauxite scandal in Guinea, the price of alumina bottomed out and rebounded. Based on the spot quotations of Antaike alumina, the average spot price of alumina during the raw material procurement period in May was 2,992 yuan per ton, increasing slightly by 0.4% month-on-month. Its impact on the cost of electrolytic aluminum in that month was relatively small. Electricity prices continued to decline. During the cost calculation period, the average price of thermal coal (Q5500) in Shanxi was 661 yuan per ton, a decrease of 0.9% compared with the previous period. The price of self-owned electricity continued to decline. In addition, the prices of grid electricity have also been reduced. According to Antaike's calculation, the comprehensive tax-inclusive electricity price for the electrolytic aluminum industry in May was 0.41 yuan per kilowatt-hour, a decrease of 0.7% compared with the previous month. The anode price turned downward in the month, with a month-on-month decline of more than 260 yuan per ton.
