[SMM Aluminum Flash] According to SMM, the base selling price for prebaked anodes in July 2026 from a large prebaked anode sales company in China will rise by 13 yuan/mt MoM. The selling prices in each region are: north-west China: 5799 yuan/mt; North China: 5749 yuan/mt; south-west China: 5799 yuan/mt; South China: 5799 yuan/mt.

【SMM Aluminum Brief】At present, the two major core raw material categories for prebaked anodes have both improved, strengthening support from the raw material side for prebaked anode prices. Although raw materials are currently providing some cost support, the weakness previously seen in the raw materials market has gradually been transmitted downstream. As a result, prebaked anode prices are expected to trend weaker next month.

Cost Support Remains Strong, Aluminum Auxiliary Material Prices Continue Upward Trend

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 Aluminum News Brief] The fundamentals of the prebaked anode raw material market were under short-term pressure, and cost support for prebaked anode prices loosened somewhat but remained relatively firm. Cost support for prebaked anodes was solid during the April cycle, and SMM learned that prebaked anode prices continued their upward trend in May. Going forward, close attention should be paid to changes in the supply-demand pattern and price trends of prebaked anodes and upstream raw materials.

[SMM Aluminum News] According to SMM, a large domestic prebaked anode sales company raised its base selling price for prebaked anodes by 269 yuan/mt MoM for May 2026. Regional selling prices were: north-west China (5,876 yuan/mt), north China (5,826 yuan/mt), south-west China (5,876 yuan/mt), and south China (5,876 yuan/mt).