SMM May 14: This week, trading activity among China's aluminum fluoride enterprises was moderate, with aluminum fluoride prices remaining stable. As of now, SMM aluminum fluoride prices closed at 11,480-12,000 yuan/mt; cryolite prices remained stable, with SMM cryolite quoted at 7,000-8,500 yuan/mt. Raw material side: Prices of core raw materials for aluminum fluoride showed mixed performance, while overall cost support remained relatively firm. This week, delivery-to-factory prices of 97% fluorite powder in China maintained a stable transitional pattern, with mainstream transaction range at 3,200-3,500 yuan/mt and notable regional price spreads persisting. Supply side, operating rates in northern production areas rebounded steadily, coupled with continued arrivals of Mongolian imports at ports, further easing overall market supply. As a result, high-priced cargoes faced notable transaction pressure, and some traders remained willing to cut prices to ship out goods for capital recovery purposes. Demand side, post-holiday wait-and-see sentiment among downstream markets had yet to dissipate, with insufficient momentum for new orders. Enterprise procurement mainly focused on digesting earlier contract orders, and spot trades remained sluggish. Although rising hydrofluoric acid prices provided sentiment support for fluorite, and delayed resumption of operations in Zhejiang mining areas along with locally low inventory still offered some support, the combination of ample supply and sluggish spot trades kept the overall market in the doldrums with slight weakness. Aluminum hydroxide prices edged down slightly, with the current SMM weighted average price at 1,656 yuan/mt, down 0.24% WoW. The sulphuric acid market continued to rise. Currently, raw material sulphur circulation remained tight with prices continuing to climb. Supply side, some enterprises halted for maintenance, tightening supply, while demand gradually weakened. Overall, sulphuric acid prices hovered at highs, and the market remained relatively strong. In summary, prices of core raw materials for aluminum fluoride showed mixed performance, with the overall cost center fluctuating at highs, and production pressure on enterprises remained difficult to ease. The supply side exhibited a negative cycle of rigid cost increases—deeply squeezed profitability—low willingness to operate. Recently, overall raw material costs for aluminum fluoride remained elevated, with the industry mired in deep losses and cost inversion. Enterprise production enthusiasm was significantly dampened, and the industry's overall operating rate dropped to a low of around 40%. Demand side, downstream operating aluminum capacity remained stable at highs, providing rigid floor demand for aluminum fluoride. Brief comment: This week, raw material prices in the aluminum fluoride market showed mixed performance, but comprehensive calculations indicated that raw material costs remained in a high range, significantly suppressing operating profits for producers. The industry overall maintained a "triple pressure" pattern of high costs, low profits, and low operating rates, making it difficult to effectively boost enterprise production enthusiasm. Overall, the market currently lacked clear trend-driving factors for price movements, with a stalemate in the tug-of-war between sellers and buyers. Transactions were mainly driven by rigid demand, and wait-and-see sentiment was relatively strong. In the short term, prices were expected to remain stable, with limited room for wild swings. Going forward, it is necessary to continue closely monitoring the dynamic changes on the raw material cost side, as well as the marginal adjustments in the procurement pace of downstream aluminum enterprises.

[SMM Aluminum News Flash] After the holiday, China's 97% fluorite powder delivery-to-factory prices continued to edge lower, with mainstream transaction ranges maintained at 3,200–3,500 yuan/mt and notable regional price spreads. Although earlier rises in hydrofluoric acid prices provided sentiment support for fluorite, and delayed resumption of operations at Zhejiang mines along with locally low inventory still offered some support, loose supply combined with sluggish spot trades meant the overall market remained mainly in the doldrums with slight weakness.

SMM April 30: This week, aluminum fluoride enterprises mainly focused on fulfilling existing orders. As month-end approached, the market awaited new price guidance, trading atmosphere was sluggish, and prices remained stable. As of now, SMM aluminum fluoride prices closed at 10,980-11,900 yuan/mt; cryolite prices remained stable, with SMM cryolite quoted at 7,000-8,500 yuan/mt. Raw material side: Prices of core raw materials for aluminum fluoride diverged, but overall cost support remained relatively firm. This week, China's 97% fluorite powder delivery-to-factory prices weakened slightly, with mainstream transaction range at 3,300-3,500 yuan/mt and significant regional price spreads. Influenced by the steady recovery of operating rates in northern producing areas and continuous supplementation from Mongolian imports, the fluorite market's overall supply trended looser, with high-priced sources clearly under pressure in transactions. Demand side, some traders' bearish sentiment intensified, actively cutting prices to facilitate shipments and recover funds; coupled with the approaching holiday, wait-and-see atmosphere in the market was strong, in-market quotations became cautious, new orders lacked follow-through, and the focus was on digesting earlier orders. However, the significant rise in downstream hydrofluoric acid prices boosted fluorite producers' willingness to hold prices firm to some extent. Delayed resumption of operations at Zhejiang mine areas due to safety incidents and periodically low inventory also provided localized support, offsetting some downward pressure, but this was insufficient to counteract the bearish pressure from loose supply and sluggish trading, and fluorite prices overall showed small fluctuations with a weak bias. Aluminum hydroxide prices were under pressure, with the current SMM weighted average price at 1,660 yuan/mt, down 0.42% WoW. The sulphuric acid market was affected by Middle East geopolitical disruptions, with raw material sulphur circulation tight, coupled with firm downstream demand, sulphuric acid prices hovered at highs, and the market performed strongly. Overall, prices of core raw materials for aluminum fluoride diverged, the overall cost center fluctuated at highs, and production pressure on enterprises remained difficult to alleviate. The supply side exhibited a negative cycle of rigid cost increases—deeply pressured profitability—low willingness to operate. Recently, overall raw material costs for aluminum fluoride remained elevated, the industry fell into deep losses with cost inversion, enterprise production enthusiasm was significantly dampened, and the industry's overall operating rate dropped to a low of around 40%. Demand side, downstream operating aluminum capacity remained stable at highs, forming rigid floor demand for aluminum fluoride. Brief comment: This week, the aluminum fluoride market operated steadily overall, with prices maintaining the level after mid-month raises. Raw material side, fluorite and aluminum hydroxide prices weakened slightly, sulphuric acid prices fluctuated at highs, and comprehensive raw material costs remained elevated, continuously exerting significant operational pressure on producers. The supply side remained suppressed by high costs, with industry operating rates staying low and overall output unlikely to see significant increases; the demand side, although rigid demand from aluminum provided some support, downstream enterprises had limited ability to absorb costs, aluminum fluoride price increases faced resistance in passing through to downstream, elevated comprehensive production costs were difficult to effectively transfer, and most enterprises in the industry remained in losses. Currently, sulphuric acid prices remained on the strong side, cost pass-through to downstream still showed obvious lag, and industry profit recovery remained challenging. The current weak pattern of high costs, low profits, and low operating rates in the aluminum fluoride industry continued, the tug-of-war between sellers and buyers intensified, and under strong support from high raw material costs, producers showed clear willingness to raise ex-factory prices. Aluminum fluoride prices are expected to show a broad upward adjustment next month.

SMM April 29: Metals market: As of the midday close, domestic market base metals mostly rose, with SHFE copper down 0.29%. SHFE aluminum edged up. SHFE lead rose 0.18%, SHFE zinc edged down. SHFE tin rose 0.81%. SHFE nickel rose 1.37%, hitting an intraday high of 152,230 yuan/mt, the highest since January 26. Additionally, the most-traded casting aluminum futures were flat at 23,175 yuan/mt, and the most-traded alumina contract fell 0.45%. The most-traded lithium carbonate contract rose 0.6%. The most-traded silicon metal contract rose 1.57%. The most-traded polysilicon futures rose 1.08%. Ferrous metals all rose, with iron ore up 0.77%, rebar up 0.31%, hot-rolled coil up 0.3%, and stainless steel up 0.55%. Coking coal and coke: the most-traded coking coal contract rose 0.47%, and the most-traded coke contract rose 0.22%. Overseas market base metals, as of 11:40, LME metals rose across the board. LME copper rose 0.79%. LME aluminum rose 0.49%, LME lead rose 0.49%, LME zinc rose 0.61%. LME tin rose 1.14%. LME nickel rose 0.18%. Precious metals, as of 11:40, COMEX gold edged up 0.07%, COMEX silver rose 0.65%. Domestic precious metals: the most-traded SHFE gold contract fell 1.36%, and the most-traded SHFE silver contract fell 1.46%. Additionally, as of the midday close, the most-traded platinum futures fell 1.07%, and the most-traded palladium futures fell 0.29%. As of the midday close, the most-traded Europe containerized freight index contract rose 1.13% to 2,252.9 points. As of 11:40 on April 29, midday futures quotes for selected contracts: Spot and fundamentals Copper: Today in Guangdong, #1 copper cathode spot prices against the front-month contract: high-quality copper was quoted at a premium of 320 yuan/mt, flat with the previous trading day; standard-quality copper was quoted at a premium of 240 yuan/mt, up 10 yuan/mt from the previous trading day; SX-EW copper was quoted at a premium of 180 yuan/mt, up 10 yuan/mt from the previous trading day. The average price of Guangdong #1 copper cathode was 101,540 yuan/mt, down 780 yuan/mt from the previous trading day; the average price of SX-EW copper was 101,440 yuan/mt, down 775 yuan/mt from the previous trading day. Spot market: Guangdong inventory rose for two consecutive sessions, mainly due to weak downstream consumption... Macro front China: [31 World Firsts: China's Mineral Resource Inventory Published, with Continued Increase in Exploration Investment Planned for the 15th Five-Year Plan Period] On April 29, the Ministry of Natural Resources released China's latest mineral resource inventory. China ranked first in the world in reserves of 14 minerals, including rare earths, tungsten, tin, molybdenum, antimony, gallium, germanium, indium, fluorite, and graphite. In 2025, China ranked first in the world in the production of 17 minerals, including coal, vanadium, titanium, zinc, rare earths, tungsten, tin, molybdenum, antimony, gallium, indium, gold, and tellurium. Currently, China's mineral production and smelting processing scale ranks firmly first globally. In 2025, the national mining output value was approximately 32.7 trillion yuan, accounting for over 23% of GDP. Resource reserves grew significantly, laying a solid foundation for resource self-sufficiency and controllability. Xiong Zili, Director of the Geological Exploration Management Department of the Ministry of Natural Resources, stated that during the 15th Five-Year Plan period, the state will continue to deeply implement a new round of strategic actions for mineral exploration breakthroughs. The Ministry of Natural Resources will further improve the coordinated system for exploration, production, supply, reserves, and sales of strategic mineral resources, and strengthen security risk monitoring and early warning for strategic mineral resources. In terms of key directions, efforts will focus on scarce strategic minerals such as copper, iron, lithium, cobalt, and nickel, while consolidating the resource position of advantageous minerals such as rare earths, tungsten, and tin. In terms of spatial layout, land-sea coordination will be strengthened, with active expansion of survey, exploration, and development space, and increased efforts in basic geological surveys. The goal is to submit a number of mineral sites ready for development by 2030 and form new capacity as soon as possible. The PBOC conducted 25.9 billion yuan of 7-day reverse repo operations in the open market at an interest rate of 1.40%. Today, 6 billion yuan of reverse repos matured. US dollar: As of 11:40, the US dollar index rose 0.03% to 98.66. US Fed watchers did not expect significant changes to the Fed's statement, but they noted there could be some subtle adjustments. For example, officials might revise their description of the labour market to acknowledge that recent data suggested the labour market had stabilized despite less hiring activity. Some officials also wanted the Fed to make clear that the next policy move could be a rate hike—rather than an interest rate cut—as the Iran situation had intensified existing inflationary pressures. To signal this view, officials could slightly adjust the wording of "the extent and timing of additional adjustments to the benchmark rate." Deutsche Bank economists wrote in a report: "A hawkish statement might remove the word 'additional,' as it implies a dovish lean and effectively signals a continuation of a series of interest rate cuts." The US Fed made three interest rate cuts at year-end 2025. Roger Ferguson, former Vice Chairman of the US Fed and economist, stated, "In terms of the dual mandate, the Fed would say that the labour market is roughly in a stable state at present. Regarding the inflation mandate, (as inflation remains elevated at 3%), there is still much work to be done." He expected the US Fed to say: "We will stay put for now and see how all this plays out." Similarly, Goldman Sachs economist David Mericle expected the post-meeting statement to acknowledge improved labor market conditions and rising inflation data, but maintain existing policy guidance. We expect a majority will still support keeping rates unchanged, with only one dissent, same as in March. According to CME "FedWatch": the probability of the US Fed keeping rates unchanged in April was 100%. The probability of a cumulative 25 basis point interest rate cut by June was 2.6%, while the probability of keeping rates unchanged was 97.4%. (Jin10 Data) Data: Data to be released today include Australia's March non-seasonally adjusted CPI year-on-year, Switzerland's April ZEW investor confidence index, Eurozone April industrial confidence index, Eurozone April economic sentiment index, Germany's April preliminary CPI month-on-month, US March annualized housing starts, US March durable goods orders month-on-month, US March building permits, and Bank of Canada interest rate decision through April 29. Also noteworthy: Bank of Canada to release its rate decision and monetary policy report; US Senate Banking Committee to vote on advancing Waller's Fed Chairman nomination, with a full Senate confirmation vote to follow if passed; Bank of Canada Governor Macklem and Senior Deputy Governor Rogers to hold a monetary policy press conference. Crude oil: As of 11:40, both benchmarks declined, with WTI down 0.77% and Brent down 0.47%. Both WTI and Brent continued to pull back in the short term, fully erasing gains since the news that Trump planned to extend the blockade on Iran. According to the Wall Street Journal, US officials said Trump had instructed aides to prepare for a prolonged blockade on Iran, a high-risk attempt aimed at striking Iran's fiscal revenue and forcing concessions on the nuclear issue. Officials said that in recent discussions, including a Monday White House Situation Room meeting, Trump decided to continue suppressing Iran's economy and oil exports by blocking shipping to and from Iranian ports. On April 28 local time, satellite imagery showed multiple oil tankers in waters near Iran's Chabahar Port, including 8 very large crude carriers and several small and medium-sized vessels, with a total capacity of approximately 14 million barrels of crude oil. Chabahar Port is located on the Gulf of Oman coast in southeastern Iran. Although the port is located outside the Persian Gulf, it is already close to the blockade line set by the US. Analysts noted that as traffic through the Strait of Hormuz has nearly dropped to zero, rerouting some oil exports is one of the measures Iran has taken to minimize disruptions to its oil exports. (Jin10 Data) Spot Market Overview: ► ► ► ► ► ► ► ► ► ► ► ►

[SMM Aluminum News Flash] This week, China's 97% fluorite powder delivery-to-factory prices remained stable, with the mainstream transaction range at 3,300-3,550 yuan/mt, and notable regional price spreads. In terms of supply, safety inspections in China's major producing areas continued to tighten, compounded by the impact of earlier safety incidents, resulting in tight market supply circulation and an overall rigid contraction pattern. Demand side, downstream hydrofluoric acid enterprises saw profit margins squeezed by high-priced sulphuric acid, and most enterprises primarily restocked on an as-needed basis, with limited willingness to chase higher prices in bulk. Overall, SMM expects the fluorite market to maintain a fluctuating trend in the short term.

SMM April 23: Trading activity among China's aluminum fluoride enterprises cooled this week, with aluminum fluoride prices holding steady. As of now, SMM aluminum fluoride prices closed at 10,980-11,900 yuan/mt; cryolite prices remained stable, with SMM cryolite quoted at 7,000-8,500 yuan/mt. Raw material side: Prices of core raw materials for aluminum fluoride diverged, but overall cost support remained relatively firm. This week, delivery-to-factory prices of 97% fluorite powder in China held steady, with mainstream transaction range at 3,300-3,550 yuan/mt and significant regional price spreads. Northern mining areas quoted lower, while southern main production areas maintained high prices supported by tightening supply. In terms of supply, safety inspections in China's main production areas continued to tighten, compounded by the impact of earlier safety accidents. Mines and beneficiation plants in south China maintained low operating rates, market supply circulation was tight, and the overall pattern showed rigid contraction with strong spot support. Demand side, downstream hydrofluoric acid enterprises saw profit margins squeezed by high-priced sulphuric acid, with most enterprises restocking on an as-needed basis and limited willingness to chase higher prices in bulk. Considering supply-demand fundamentals and cost transmission logic, SMM expects the fluorite market to hold up well in the short term, more likely to rise than fall. Aluminum hydroxide prices were under pressure, with the current SMM weighted average price at 1,667 yuan/mt, down 2.06% WoW. The sulphuric acid market performed strongly as Middle East tensions disrupted raw material sulphur circulation, which was tight, coupled with firm downstream demand, keeping sulphuric acid prices hovering at highs. Overall, aluminum fluoride raw material prices stabilized, but production pressure on enterprises persisted. The supply side exhibited a negative cycle of rigid cost increases—deeply squeezed profitability—low willingness to operate. Recently, prices of core raw materials such as fluorite, sulphuric acid, and aluminum hydroxide diverged, but the overall raw material cost center lingered at highs. Production pressure on aluminum fluoride enterprises remained unrelieved, with the industry mired in deep losses and cost inversion. Enterprise production enthusiasm was significantly dampened, and the industry's overall operating rate dropped to a low of 40-50%. Demand side, downstream operating aluminum capacity remained stable at highs, providing rigid floor demand for aluminum fluoride. Brief comment: The aluminum fluoride market operated steadily overall this week, with prices maintaining the level after the mid-month raise. Raw material side, fluorite prices were stable, sulphuric acid prices fluctuated at highs, and only aluminum hydroxide prices softened slightly. Overall raw material costs remained elevated, continuing to exert significant operational pressure on producers. The supply side was suppressed by high costs, with industry operating rates staying low and overall output unlikely to see notable increases. The demand side relied on rigid aluminum demand to support overall procurement, but downstream enterprises had limited ability to absorb costs, with upward transmission impeded and unable to effectively digest continuously rising comprehensive production costs. Most enterprises remained in a loss-making state. Currently, key raw materials such as fluorite and sulphuric acid remain on a strong trend, but cost pass-through has a lag effect, making it difficult for the industry to restore profitability. The aluminum fluoride industry continues to operate in a weak pattern characterized by high costs, low profits, and low operating rates. The tug-of-war between sellers and buyers is intensifying, and the situation of short-term losses and negative industry operations remains difficult to alleviate.

Bao Gang United Steel released its 2025 annual report, reporting revenue of 66.358 billion yuan, down 2.54% YoY, and net profit attributable to shareholders of the publicly listed firm of 374 million yuan, up 41.19% YoY. During the reporting period, the company produced 14.9575 million mt of pig iron, 15.7313 million mt of steel, and 14.7225 million mt of commercial billets and finished products, as well as 801,100 mt of fluorite concentrates.

SMM April 16: Trading activity among China's aluminum fluoride enterprises was moderate this week, with aluminum fluoride prices fluctuating upward. As of now, SMM aluminum fluoride prices closed at 10,980-11,900 yuan/mt; cryolite prices remained stable, with SMM cryolite quoted at 7,000-8,500 yuan/mt. Raw material side: Prices of core raw materials for aluminum fluoride diverged, with comprehensive cost support continuously strengthening, building a solid price floor for the aluminum fluoride market. This week, delivery-to-factory prices of 97% fluorite powder in China remained stable, with mainstream transaction range at 3,300-3,550 yuan/mt and significant regional price spreads. Northern mining areas quoted lower prices, while southern major producing areas maintained high prices supported by tightening supply. In terms of supply, safety inspections in major domestic producing areas continued to tighten, compounded by the impact of earlier safety accidents, keeping operating rates of southern mines and beneficiation plants at low levels. Market supply circulation remained tight, presenting an overall rigid contraction pattern with strong spot cargo support. Demand side, downstream hydrofluoric acid enterprises resumed stable operations after the holiday, with just-in-time procurement following in an orderly manner. Since April, anhydrous hydrogen fluoride prices rose significantly, with smooth cost transmission providing clear support to the fluorite market. However, the hydrofluoric acid industry saw profit margins squeezed by high sulphuric acid prices, with enterprises mainly restocking on an as-needed basis and limited willingness to chase higher prices in bulk. Considering supply-demand fundamentals and cost transmission logic, SMM expects the fluorite market to hold up well in the near term, more likely to rise than fall. Aluminum hydroxide prices were under pressure, with the current SMM weighted average price at 1,667 yuan/mt, down 2.06% WoW. The sulphuric acid market performed strongly, as geopolitical instability in the Middle East tightened raw material sulphur supply, combined with tightening supply and robust demand, sulphuric acid prices were continuously raised to 1,950-2,150 yuan/mt. Overall, aluminum fluoride raw material costs rose, significantly increasing production pressure on enterprises. The supply side presented a negative cycle of rigid cost increases—deeply pressured profitability—low operating willingness. Recently, prices of core raw materials such as fluorite, sulphuric acid, and aluminum hydroxide continued to rise, driving aluminum fluoride production costs to climb significantly. The industry fell into deep losses with cost inversion, severely dampening production enthusiasm, with the overall industry operating rate dropping to a low of 40-50%. Demand side, downstream operating aluminum capacity remained stable at high levels, forming rigid demand for aluminum fluoride. Brief comment: This week, aluminum fluoride raw material costs overall continued to fluctuate upward. Although aluminum hydroxide prices weakened somewhat, sulphuric acid prices surged significantly and repeatedly hit new highs, with continuously rising costs notably intensifying production and operational pressure on enterprises. Although aluminum fluoride prices were already raised substantially at the beginning of the month, core raw materials such as fluorite and sulphuric acid remained in an upward trend, with cost transmission experiencing phased lag. Enterprises had limited room for profit recovery, and production-side pressure remained prominent. Sulphuric acid prices were raised again during the week, hitting new highs and driving aluminum fluoride production costs to climb in tandem. Supported by strong costs, recent aluminum smelter tender prices rose significantly to 11,500-11,800 yuan/mt. Going forward, close attention should be paid to the trends in upstream raw material costs and marginal changes in the procurement pace of downstream aluminum enterprises.

Overall, cost support remained strong, supply tightened while demand stayed stable. As tender prices became clear, aluminum fluoride prices were generally raised by around 800 yuan/mt in line with the guidance. Going forward, close attention should be paid to dynamic changes in raw material costs and adjustments in downstream procurement pace.

SMM, March 19: This week, Chinese aluminum fluoride enterprises mainly focused on order deliveries, with aluminum fluoride prices holding steady. As of now, SMM aluminum fluoride prices closed at 10,180-10,450 yuan/mt; cryolite prices also held steady, with SMM cryolite quoted at 7,000-8,500 yuan/mt. Raw material side: Prices of key raw materials for aluminum fluoride continued to rise. Specifically, the delivery-to-factory price of 97% fluorite powder remained stable, currently concentrated in the range of 3,150-3,450 yuan/mt. During the Two Sessions, mining at northern mines was restricted, leading to a temporary tight supply of fluorite raw ore; some beneficiation plants showed strong sentiment to hold prices firm due to relatively low inventory levels, and downstream hydrofluoric acid enterprises slightly recovered in operating demand after resuming work following the holiday. SMM expected fluorite prices to hold up well in the short term. Aluminum hydroxide prices edged up steadily, with the current SMM weighted average price at 1,673 yuan/mt, up 1.52% WoW. The sulphuric acid market remained firm, and prices continued to rise amid higher costs, tightening supply, and strong demand. Overall, the raw material side of aluminum fluoride moved higher, and production pressure on enterprises increased significantly. Supply side showed a pattern of rigid cost increases, deeply pressured profitability, and weak willingness to operate. Recently, prices of key raw materials such as fluorite, sulphuric acid, and aluminum hydroxide continued to rise, significantly pushing up aluminum fluoride production costs. The industry was caught in a squeeze from both costs and selling prices, with enterprises generally operating at a loss. Production enthusiasm was hit hard, overall industry operating rates remained in the doldrums, and actual supply increases were limited. On the demand side, operating aluminum capacity downstream remained stable, forming a rigid demand base for aluminum fluoride; however, enterprises mainly restocked for rigid demand and purchased as needed, with cautious procurement and insufficient demand elasticity to boost prices. Brief comment: This week, prices of key raw materials such as fluorite and sulphuric acid held up well, and the cost side continued to rise, significantly increasing production pressure on enterprises; in March, the aluminum fluoride tender price of a downstream benchmark enterprise was finalized, down 200-370 yuan/mt MoM, and the spot market also moved in the doldrums under its guidance. At present, the industry is facing a two-way squeeze of rising costs and selling prices under pressure, narrowing profit margins and dampening production enthusiasm. Fundamentally: Cost side: fluorite and sulphuric acid prices remained firm, providing clear bottom support for aluminum fluoride. Supply side: industry operating rates stayed in the doldrums, with no significant increase in production, and overall supply and demand remained subdued. Demand side: rigid demand from aluminum remained stable, but there was no obvious incremental growth, and procurement was mainly as needed. Overall, the strong support effect from fluorite and sulphuric acid on the cost side became more prominent, coupled with low industry operating rates and shrinking supply. Aluminum fluoride's price center is expected to move steadily higher next month, showing a mild strengthening trend. Going forward, close and continuous attention should be paid to dynamic changes on the raw material cost side, as well as marginal adjustments in the procurement pace of downstream aluminum enterprises.