【SMM Port Inventory of Imported Bauxite】According to SMM's statistics on May 7, the total bauxite inventory at ten domestic ports increased by 130,000 mt from the previous week.

[SMM Aluminum Express News] Canyon Resources is advancing its Minim Martap bauxite project in Cameroon with integrated mine-to-port logistics ahead of first production in late 2026. The company has increased stakes in Camrail (26.9%) and the Port of Douala operator (42.8%) to secure rail and export capacity. Trial mining began in April 2026, with rail, port, and rolling stock commissioning underway. First bauxite shipment is targeted for late September 2026, while offtake talks and a potential alumina refinery study (due Q3 2026) are ongoing. The project targets high-grade bauxite averaging ~51% alumina and ~2% silica.

[SMM Aluminum Express News] Rio Tinto reported Q1 2026 aluminum output of 835,000 tons (+1% YoY), supported by stronger alumina production despite lower bauxite due to weather disruptions in Australia, including Tropical Cyclone Narelle impacts. The company also highlighted tighter global aluminum supply as the Middle East conflict removes ex-China output, contributing to a more pronounced market deficit outlook for 2026. Operationally, alumina strengthened after full ownership of Queensland Alumina Limited, while Kitimat ramped up in Canada, NZAS remained stable, and the AP60 project achieved first hot metal.

[SMM Aluminum Express News] Mineração Rio do Norte has secured an installation license for its Novas Minas project in Pará, enabling a major life-of-mine extension through 2041. The company plans to invest around USD 1.8 billion from 2027–2041 to sustain ~12.5 Mtpa of bauxite output, supporting continued operations at its Porto Trombetas site—one of Brazil’s key long-standing bauxite hubs with 18 Mtpa installed capacity.

[SMM Aluminum Express News] Metro Mining mined 563,000 WMT of bauxite in April 2026 at its Bauxite Hills Mine in North Queensland, up 33% year-on-year despite disruptions from Tropical Cyclone Narelle. The company shipped 416,000 WMT during the month, down 2% year-on-year, while building stockpiles ahead of increased throughput from the return of the Ikamba offshore floating terminal.

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.