SMM

In the week ending November 30, China's spot aluminum cost mainly remained stable. The alumina spot market was temporarily stable during the week, but unstable bauxite supply in areas like Shanxi supported the northern alumina market. Meanwhile, due to high inventory, the coal market was subdued, with a large Shandong captive power plant even lowering their December coal purchase price, sustaining weak market sentiment. No short-term increase is expected for electricity price of smelters with captive power plants. However, the dry season's start in the South and Southwest, leading to significant regional electricity price increases, may drive up the industry's average electricity cost in December. As of November 30, the domestic aluminum spot full cost was around 16,240 yuan/mt, the spot aluminum price continued to fall to a three-month low, significantly reducing domestic aluminum's immediate profit margin. By week's end, the domestic spot aluminum price was about 18,630 yuan/mt, with an average immediate profit of around 2,389 yuan/mt, down 179 yuan/mt MoM.