According to foreign media reports, Oman plans to launch three major low-carbon aluminum projects within the Duqm Special Economic Zone (SEZAD). The most notable one is an electrolytic aluminum project invested by CMOC Group Limited. With a total investment of approximately 2.4 billion Omani Rials, the project will be built with an annual electrolytic aluminum production capacity of 530,000 tonnes, supported by downstream deep-processing facilities planned to reach an annual capacity of 620,000 tonnes of aluminum billets and pre-cast slabs.

SMM News, May 6: According to SMM data, the average all-in tax-included cost of the domestic primary aluminum industry in April 2026 rose by 1.5% month-on-month and fell by 0.6% year-on-year, mainly due to a mild increase in prices of raw and auxiliary materials during the period. In April, the supply gap of primary aluminum overseas pushed up LME aluminum prices. However, high domestic inventory put strong downward pressure on aluminum price upside. The monthly average price of SMM A00 spot aluminum (March 26 - April 25) edged up only 1.0% month-on-month. The profit margin of primary aluminum narrowed slightly by RMB 12 per ton to RMB 8,303 per ton, with the average profit surging 125.1% year-on-year. Calculated based on the monthly average price, 100% of the operational primary aluminum capacity in the domestic market remained profitable in April. Breakdown of Cost Components Alumina price dipped intra-month but monthly average climbed month-on-month SMM data showed that the monthly average SMM alumina index stood at RMB 2,736 per ton in the statistical period of March 26 to April 25, up 1.9% month-on-month. The overall operational alumina capacity stayed stable during the month, and prices bottomed out and rebounded. Driven by market rumors over the bauxite quota policy in Guinea, bullish market sentiment picked up moderately. Nevertheless, the relatively high price at the start of the month lifted the overall monthly average. Entering May, with newly commissioned capacity ramping up steadily, alumina output is expected to increase. Meanwhile, continuous inflows of imported alumina into the domestic market will further ease spot alumina supply. Given the pending clarification of Guinea’s bauxite policy, supply tightening may trigger a minor price rebound. Alumina raw material costs are expected to remain in a consolidating trend in April. Rising costs drive up prices of auxiliary materials Geopolitical conflicts in the Middle East pushed up international crude oil prices in April. Higher cost levels kept petroleum coke prices on an upward track, underpinning higher prebaked anode prices. Aluminum fluoride prices also moved higher in April amid rising raw material costs. Auxiliary material prices will maintain an upward trend in May, driving a further rise in the auxiliary material cost of primary aluminum and lifting the overall cost center slightly. Power prices stabilize, hydropower costs expected to drop entering wet season Power prices remained generally steady in April. As the market gradually transitions from the normal water period to the wet season starting in May, hydropower tariffs in some regions are projected to edge down, leading to a mild decline in the power cost of primary aluminum production. Overall, the weighted average all-in tax-included cost of the domestic primary aluminum industry edged higher in April 2026. The primary aluminum cost is expected to keep rising moderately month-on-month in May, with the average level projected at around RMB 16,200 - 16,600 per ton.

SMM News, April 30: According to SMM statistics, China’s primary aluminum output in April 2026 (30 days) rose by 1.7% year-on-year and fell by 2.9% month-on-month. As the traditional peak consumption season continues, demand from downstream sectors including aluminum sheet, strip & foil and aluminum wires & cables has formed effective support. The domestic liquid aluminum ratio edged up moderately, rising by 1.7 percentage points month-on-month to 75.3% in April. The overall performance was slightly below early-month expectations, mainly dragged by weaker-than-anticipated orders for aluminum profiles. Based on SMM’s liquid aluminum ratio calculation data, domestic primary aluminum ingot output in April dropped by 3.4% year-on-year and 9.0% month-on-month. Capacity Changes: As of late April, China’s commissioned primary aluminum capacity surveyed by SMM stood at approximately 46.209 million tons, showing no month-on-month changes. Output Forecast: In May 2026, the liquid aluminum production ratio among domestic primary aluminum producers will operate in a differentiated pattern. Overall, with the recovery of overseas market demand, export orders for domestic aluminum fabricated products are expected to keep improving, supporting a mild rebound in the liquid aluminum ratio. comprehensively, the liquid aluminum ratio is projected to increase by 0.5 percentage points to 75.8%.

On January 16, China's largest behind-the-meter (BTM) energy storage project, jointly built by Great Power and Sichuan Zhongfu, was officially connected to the grid and put into operation. Boasting a scale of 107.12MW/428.48MWh, it is also the first large-scale BTM energy storage project in the aluminum industry. Upon grid connection and operation, it will help the industrial park substantially cut power consumption costs, improve power supply reliability, and set a benchmark for the green and low-carbon transformation of energy-intensive industries in Guangyuan, Sichuan Province, and across China. For this BTM energy storage project, Great Power delivered a reliable, durable, smart and efficient overall solution for the energy storage power station. It adopts the Great Com liquid-cooled energy storage system with high safety, high energy efficiency and long cycle life, and is equipped with the Great E intelligent operation management system. Meanwhile, by applying electrolysis energy storage DC-connected technology jointly developed by both parties — a pioneering innovation in the aluminum industry — this technology can be combined with PV to form a "PV + energy storage coupled" DC direct supply system, significantly reducing power losses, enhancing economic benefits, and achieving efficient transformation of technological innovation into low-carbon transition practices. Against the strategic backdrop of Guangyuan City striving to build itself into China’s Green Aluminum Hub, aluminum industry, which is an energy-intensive sector, has long been plagued by soaring power costs, difficulties in consuming green power, and mounting carbon emission pressure. Closely aligning with the core demands of the industry and the project, Great Power relied on its profound technological expertise and mature project delivery system in the energy storage sector. Despite complex construction conditions, the full-capacity grid connection was completed in merely over 100 days, demonstrating the company’s solid engineering capability and efficient project execution. As the nation’s largest project of its kind and the first large-scale BTM energy storage project in the aluminum sector, this energy storage power station is expected to reduce the power cost of aluminum production in the Guangyuan Economic Development Zone Aluminum Industrial Park by approximately RMB 140 per ton. It will save over RMB 60 million in annual power costs, cut standard coal consumption by around 19,700 tons per year, and reduce carbon dioxide emissions by about 52,000 tons, markedly boosting corporate economic benefits and accelerating green transformation. The official operation of the project consolidates the foundation for low-carbon and high-quality development of China’s Green Aluminum Hub. It also marks Great Power's breakthrough in the BTM energy storage business, providing a replicable model for high-energy-consuming industries to cut costs, improve efficiency and pursue low-carbon transformation via smart energy solutions. Going forward, Great Power will continue to focus on energy storage technological innovation, inject impetus into the green transformation of various industries and the development of the new power system, and contribute steadily to the achievement of the national dual-carbon goals.

According to SMM statistics, total aluminum production outside China declined 10.2% YoY in April 2026, with daily average production down 10.0% MoM, mainly due to the further impact of production cuts at Middle Eastern smelters. In May 2026, production resumptions at US and Icelandic smelters and production ramp-up at new Indonesian projects are expected to drive a MoM increase in daily average production. However, as the total volume is expected to fall short of the scale of Middle Eastern production cuts, aluminum production outside China is expected to maintain negative YoY growth.

SMM April 30 News: According to SMM statistics, China's aluminum production in April 2026 (30 days) was up 1.7% YoY and down 2.9% MoM. As the traditional peak consumption season continued, downstream sectors such as plate/sheet, strip and foil, and aluminum wire and cable provided effective demand support. The proportion of liquid aluminum in China edged up, rising 1.7 percentage points MoM to 75.3%. Overall performance was slightly below early-month expectations, with the core drag coming from weaker-than-expected aluminum extrusion orders. Based on SMM's proportion of liquid aluminum calculation data, China's aluminum casting ingot volume in April declined 3.4% YoY and 9.0% MoM. Capacity changes: As of month-end April, SMM statistics showed China's existing aluminum capacity at approximately 46.209 million mt, with no MoM change. Production forecast: Entering May 2026, the proportion of liquid aluminum production among China's aluminum enterprises is expected to diverge. Overall, as demand in markets outside China recovers, export orders for China's aluminum semis are expected to continue improving, supporting a slight rebound in the proportion of liquid aluminum. Overall, the proportion of liquid aluminum is expected to rise 0.5 percentage points to 75.8%. [Data source statement: Data other than public information is derived from public information, market communication, and SMM's internal database models, processed by SMM for reference only and does not constitute decision-making advice.] Data source: SMM