Tianshan Aluminum (002532) released its performance forecast on March 29, projecting a net profit attributable to shareholders of 2.2 billion yuan for the first quarter of 2026, representing a year-on-year increase of 107.92%. The main reasons for the company's performance growth are: the partial commissioning of capacity from the 1.4 million-ton electrolytic aluminum green and low-carbon energy efficiency improvement project, resulting in a year-on-year increase of approximately 10% in electrolytic aluminum production and sales; simultaneously, the sales price of electrolytic aluminum products increased by approximately 17% year-on-year, while production costs were effectively controlled and decreased year-on-year, resulting in a synergistic effect of increased volume and price.

3月29日讯，天山铝业公告称，预计2026年第一季度归属于上市公司股东的净利润为22亿元，同比增长107.92%。公司业绩增长的主要原因为：140万吨电解铝绿色低碳能效提升项目部分产能投产，电解铝产销量同比增长约10%；同时，电解铝产品销售价格同比上涨约17%，生产成本有效控制同比有所下降，量价协同发力。

The Ministry of Commerce held a regular press conference on the afternoon of April 24. Reporter: China and the EU previously agreed to immediately initiate negotiations on EV price commitments and discuss investment cooperation in the automotive industry. Could the Ministry of Commerce provide an update on the current status of these negotiations? He Yadong, spokesperson for the Ministry of Commerce: Following the video meeting between Minister Wang Wentao and EU Commissioner for Trade and Economic Security Šefčovič on April 8, the technical teams from both sides have maintained close communication on issues related to EV price commitments and trade and investment cooperation, and have been accelerating the negotiation process. China is willing to work with the EU to properly handle economic and trade frictions through dialogue and consultation, deepen practical bilateral cooperation, and inject more certainty and positive energy into the economies of China, the EU, and the world.

Tianshan Aluminum (002532.SZ) released its financial report for Q1 2025. During this quarter, the company achieved operating revenue of 7.925 billion yuan, up 16.12% YoY. Net profit attributable to shareholders of the publicly listed firm reached 1.058 billion yuan, up 46.99% YoY, while net profit after deducting non-recurring gains and losses was 1.038 billion yuan, up 47.14% YoY.

SMM Morning Comment on Alumina: Recently, the weekly operating rate of alumina has continued to increase slightly, with no significant changes on the demand side. The price center of recent spot alumina transaction prices remains on a downward trend, but the decline has narrowed compared to earlier periods. As of now, alumina capacity has not entered a large-scale loss-making state. It is expected that the short-term operating rate of alumina will remain high, with the supply and demand fundamentals maintaining a slight surplus. Overall, spot alumina prices are expected to continue their downward trend in the short term. Close attention should be paid to bauxite transaction prices, alumina costs, and overseas spot alumina prices in the near term.

[CMOC: Copper Production Up 55% YoY, Refined Cobalt Production Up 106% YoY, Slight Decline in Molybdenum Production in 2024] On the evening of January 6, CMOC announced, based on the company's preliminary calculations, the production figures for its main products in 2024: copper production was 650,000 mt (up 55% YoY); refined cobalt production was 110,000 mt (up 106% YoY); molybdenum production was 20,000 mt (down 2% YoY); tungsten production was 8,288 mt (up 4% YoY); niobium production was 10,000 mt (up 5% YoY); phosphate fertiliser production was 1.18 million mt (up 1% YoY).