The Indonesian aluminum market remained stable during the 2026 Chinese New Year, with production unaffected and bauxite prices holding at USD 28–32 FOB amid RKAB uncertainty. Alumina prices also stayed steady at USD 308 FOB due to feedstock stability and a seasonal lull in Chinese buying activity.

【Weekly Alumina Inventory】As of Thursday, SMM estimated that the total alumina raw material inventory at Chinese aluminum smelters was 2.627 million mt, down 44,000 mt WoW.

According to SMM data, the average full cost of the domestic aluminum industry in 2023 was approximately 16,487 yuan/mt, a YoY decrease of 8.4%, and the industry’s average profit was 2,205 yuan/mt, a YoY increase of 14%.

As of December 7, China's aluminum spot full cost rose to 16,285 yuan/mt, up 44 yuan/mt WoW. During the week, the weak spot price of aluminum led to a continuous squeeze on immediate profit margins.

In the week ending November 23, aluminum's immediate costs showed minor fluctuations, with spot alumina prices weakening.