SMM

In the week ending November 23, aluminum's immediate costs showed minor fluctuations, with spot alumina prices weakening. The SMM alumina price index fell around 7 yuan/mt WoW while other raw material and auxiliary material prices fluctuated narrowly. A northern cold wave caused a slight coal market price rebound, but high port and power plant inventories limited the rise, keeping prices mostly stable. Domestic aluminum smelters' electricity consumption remained unchanged WoW. As of November 23, China's aluminum spot full cost was about 16,241 yuan/mt, down 19 yuan/mt WoW. The aluminum spot price trended weakly, with slight profit fluctuations. The domestic aluminum spot price was around 18,810 yuan/mt, with an average immediate profit of about 2,578 yuan/mt, down 102 yuan/mt WoW. Short-term impact of recent alumina market production cuts may halt spot price decline. A slight electricity cost increase might stabilize immediate industry costs around 16,200 yuan/mt, with industry profits fluctuating widely due to spot price variations.