28th of Feburary: According to SMM statistics, in February 2026, overseas production of metallurgical-grade alumina decreased by 12.41% month-on-month and 3.66% year-on-year; the average operating rate of overseas alumina enterprises edged down by 0.01 percentage point month-on-month to 76.17%, a decrease of 2.67 percentage points year-on-year. Overall, overseas alumina production was relatively stable during the month. By region: Asia: On February 6, Lam Dong Province in Vietnam approved the expansion plans for two alumina projects under Vinacomin, with a total investment of VND 59.855 trillion (approximately USD 2.3 billion). One is to add a production line with an annual capacity of 1.2 million tons at the Nhan Co alumina plant in Dak Nong Province, which is expected to be commissioned in 2030 with an operating period of 30 years. The other is to expand the Tan Rai alumina plant in Lam Dong Province, planning to build a second production line with an annual capacity of 1.2 million tons. Construction is expected to be completed in the third quarter of 2030 and operation to begin in the fourth quarter. According to SMM research, Vietnam's local bauxite resources are relatively abundant, providing stable raw material support for the commissioning of these projects. It is expected that they will have significant cost advantages, potentially enhancing the export competitiveness of alumina in the long term. Europe: In order to reduce the negative environmental impact of road transportation, Alteo alumina plant has partnered with HES Fos, planning to relocate most of its logistics operations from the port of Marseille to the port of Fos-sur-Mer. Under the agreement, HES Fos will be responsible for unloading ships, storing hydrated alumina, and subsequently transporting it to Alteo's plant in Gardanne. In the future, HES Fos will renovate an existing clinker warehouse specifically for storing hydrated alumina to ensure the smooth operation of the supply chain. The construction of this dedicated facility has entered the execution phase and is expected to be put into operation in 2029, providing reliable support for the logistics and storage of alumina in the long term. Australia: On February 13, Australian company Alpha HPA announced the groundbreaking of the second phase of its planned world's largest single-site high-purity alumina refinery. The project will utilize the company's proprietary solvent extraction and refining technology to commercially produce high-purity alumina products with a purity of 99.99%, providing key raw materials for industries such as global lithium batteries, LED lights, and semiconductor manufacturing. Middle East: On February 28, the conflict between Iran and Israel escalated, with an attack on Tehran, the capital of Iran. Currently, no shutdowns of alumina plants in the region have been reported. According to SMM statistics, Iran has only one alumina plant, which is equipped with bauxite production capacity. If geopolitical conflicts further intensify, the plant's production could be affected, and the possibility of output cuts or shutdowns cannot be ruled out. Data show that Iran's annual alumina output is about 250,000 tons, and bauxite output is about 650,000 tons. Its alumina production cannot meet the domestic demand for electrolytic aluminum production, and it has long relied on imports, with India being the main source. Alumina imports from India account for 40% to 80% of Iran's total imports. Outlook for March 2026: Overseas production of metallurgical-grade alumina is expected to increase by 12.65% month-on-month and decrease slightly by 2.38% year-on-year; the operating rate is expected to be 77.45%, up 0.01 percentage point month-on-month and down 1.61 percentage points year-on-year. Continuous attention should be paid to the impact of changes in the international political situation on alumina production.

SMM February 28 News: On February 28, the conflict between Iran and Israel escalated, with an attack on the Iranian capital, Tehran, drawing market attention. The following is an overview of the aluminum industry information in the Iran region: Bauxite & Alumina: There is only one alumina refinery in the Iran region, which also has associated bauxite mining operations. Annual alumina production and bauxite output are approximately 250,000 mt and 650,000 mt, respectively. Its alumina production cannot meet the domestic demand for electrolytic aluminum production, and it relies on alumina imports year-round. India is the main source, with Iran's alumina imports from India accounting for 40-80% of its total imports. Aluminum: Iran has four aluminum smelters, all currently in operation, with a national average operating rate above 90% and an annual output exceeding 600,000 mt. Its production exceeds domestic consumption, leading to some exports, mainly to Türkiye, China, and other countries. Net exports account for 30-50% of production. Overall, if the local aluminum industry production in Iran collapses due to the geopolitical conflict, overseas aluminum supply is expected to tighten, while the alumina surplus is expected to worsen further. However, there is a considerable spatial distance between Iran's aluminum industry plants and the attacked city of Tehran. The closest is the Arak aluminum plant, nearly 300 km away. Nevertheless, subsequent attention must be paid to whether the geopolitical conflict escalates, affecting other regions, such as near the Strait of Hormuz, or whether it will impact Iran's electricity supply or alumina import supply, consequently affecting electrolytic aluminum production.

SMM Alumina Morning Comment 6.18 Futures Market: Overnight, the most-traded alumina 2509 contract opened at 2,860 yuan/mt, with a high of 2,898 yuan/mt, a low of 2,855 yuan/mt, and closed at 2,896 yuan/mt, up 41 yuan/mt or 1.45%. Open interest stood at 301,000 lots. Ore: As of June 17, the SMM imported bauxite index was reported at $74.06/mt, up $0.01/mt from the previous trading day, mainly due to a decline in caustic soda prices in Shandong. The SMM Guinea bauxite CIF average price was reported at $74.5/mt, unchanged from the previous trading day. The SMM Australian low-temperature bauxite CIF average price was reported at $70/mt, unchanged from the previous trading day. The SMM Australian high-temperature bauxite CIF average price was reported at $65/mt, unchanged from the previous trading day. Basis Report: According to SMM data, on June 17, the SMM alumina index had a premium of 357.89 yuan/mt against the latest transaction price of the most-traded contract at 11:30. Warrant Report: On June 17, the total registered alumina warrants decreased by 17,134 mt from the previous trading day to 63,000 mt. In Shandong, the total registered alumina warrants remained unchanged at 601 mt from the previous trading day. In Henan, the total registered alumina warrants remained unchanged at 300 mt from the previous trading day. In Guangxi, the total registered alumina warrants remained unchanged at 3,001 mt from the previous trading day. In Gansu, the total registered alumina warrants remained unchanged at 0 mt from the previous trading day. In Xinjiang, the total registered alumina warrants decreased by 17,134 mt from the previous trading day to 59,100 mt. Overseas Market: As of June 17, 2025, the FOB Western Australia alumina price was $370/mt, with an ocean freight rate of $22.00/mt. The USD/CNY selling rate was around 7.20. This price translates to an approximate ex-factory price of 3,269 yuan/mt at major domestic ports, which is 57 yuan/mt higher than the domestic alumina price. The alumina import window remained closed. Summary: Last week, the operating capacity of alumina increased by 1.74 million mt/year MoM to 89.01 million mt/year. Spot supply was relatively loose compared to the previous period. The total weekly inventory of alumina at aluminum smelters increased by 16,000 mt to 2.646 million mt. Recently, the alumina market has been relatively quiet, with the fundamental outlook expected to remain relatively loose. Earlier, some ex-factory prices of around 3,100 yuan/mt were reported in the northern alumina spot market, while sporadic spot transactions were reported in south-west China, with the lowest transaction price reaching 3,200 yuan/mt, which was at a discount to the online price. In the short term, alumina spot prices are expected to continue to decline. Subsequent attention should be paid to changes in the capacity of domestic alumina enterprises and the supply of imported alumina. [The information provided is for reference only. This article does not constitute direct investment research advice. Clients should exercise caution in decision-making and not use it to replace independent judgment. Any decisions made by clients are unrelated to SMM.】

SMM Alumina Morning Comment 6.17 Futures Market: Overnight, the most-traded ag2509 alumina futures contract opened at 2,851 yuan/mt, with a high of 2,870 yuan/mt, a low of 2,839 yuan/mt, and closed at 2,852 yuan/mt, up 7 yuan/mt or 0.24%, with open interest at 306,000 lots. Ore: As of June 16, the SMM Import Bauxite Index was reported at $74.05/mt, down $0.1/mt from the previous trading day, mainly due to a slight decline in supplier quotes this week compared to earlier periods, leading to a small drop in the SMM Guinea Bauxite CIF Index. However, overall, supplier quotes for bauxite remained at or above $75/mt. The SMM Guinea Bauxite CIF average price was reported at $74.5/mt, unchanged from the previous trading day. The SMM Australia Low-Temperature Bauxite CIF average price was reported at $70/mt, unchanged from the previous trading day. The SMM Australia High-Temperature Bauxite CIF average price was reported at $65/mt, unchanged from the previous trading day. Industry News: According to data on June 13, the total weekly bauxite arrivals at domestic ports were 4.2389 million mt, a decrease of 581,500 mt from the previous week. The total weekly bauxite departures from main ports in Guinea were 4.0746 million mt, an increase of 505,300 mt from the previous week. The total weekly bauxite departures from main ports in Australia were 1.0374 million mt, an increase of 147,700 mt from the previous week. Basis Report: According to SMM data, on June 16, the SMM Alumina Index had a premium of 377.15 yuan/mt against the latest transaction price of the most-traded contract at 11:30. Warrant Report: On June 16, the total registered alumina warrants remained unchanged from the previous trading day at 80,100 mt. In the Shandong region, the total registered alumina warrants remained unchanged at 601 mt. In the Henan region, the total registered alumina warrants remained unchanged at 300 mt. In the Guangxi region, the total registered alumina warrants remained unchanged at 3,001 mt. In the Gansu region, the total registered alumina warrants remained unchanged at 0 mt. In the Xinjiang region, the total registered alumina warrants remained unchanged at 76,200 mt. Overseas Market: As of June 16, 2025, the FOB Western Australia alumina price was $370/mt, with an ocean freight rate of $22.00/mt, and the USD/CNY selling rate was around 7.20. This price translates to an external selling price of approximately 3,268 yuan/mt at domestic main ports, which is 46 yuan/mt higher than the domestic alumina price. The alumina import window remained closed. Summary: Last week, the operating capacity of alumina rebounded by 1.74 million mt/year MoM to 89.01 million mt/year. Spot supply was relatively looser compared to earlier periods, and the total weekly inventory of alumina at aluminum smelters increased by 16,000 mt to 2.646 million mt. In the short term, the alumina fundamentals are expected to maintain a relatively loose pattern. Recently, some ex-factory prices of around 3,100 yuan/mt have been reported in the northern alumina spot market, while sporadic spot transactions have been reported in south-west China, with transaction prices trading at a discount to the online prices. This is expected to drive spot alumina prices to pull back. Going forward, it is necessary to continuously monitor changes in the alumina capacity of domestic enterprises, as well as the supply of imported alumina. [The information provided is for reference only. This article does not constitute direct advice for investment research and decision-making. Clients should make prudent decisions and should not rely on this information to replace their own independent judgment. Any decisions made by clients are not related to SMM.]

SMM Alumina Morning Comment on June 16 Futures Market: Overnight, the most-traded ag2509 alumina futures contract opened at 2,850 yuan/mt, with a high of 2,864 yuan/mt, a low of 2,838 yuan/mt, and closed at 2,852 yuan/mt, down 32 yuan/mt or 1.11% from the previous close, with open interest at 304,000 lots. Ore: As of June 13, the SMM Import Bauxite Index stood at $74.15/mt, down $0.2/mt from the previous trading day. The SMM Guinea Bauxite CIF average price was $74.5/mt, unchanged from the previous trading day. The SMM Australian Low-Temperature Bauxite CIF average price was $70/mt, unchanged from the previous trading day. The SMM Australian High-Temperature Bauxite CIF average price was $65/mt, unchanged from the previous trading day. Industry News: Bauxite Port Inventory: According to SMM statistics on June 13, the total bauxite inventory at nine domestic ports was 22.65 million mt, an increase of 1.46 million mt from the previous week. Overseas Alumina Transactions: On June 13, 30,000 mt of alumina was traded overseas at a transaction price of $366/mt FOB Eastern Australia, with an August shipment date. A major alumina refinery in Shandong province lowered its liquid caustic soda purchase price. According to SMM, starting from June 14, a major alumina refinery in Shandong province adjusted the purchase price of 32% ionic membrane liquid caustic soda, reducing it by 10 yuan/mt from the base price of 830 yuan/mt. The ex-factory price under the two-invoice system was implemented at 820 yuan/mt (approximately 2,563 yuan/mt converted to 100% concentration). Recently, the North Kalimantan aluminum smelter project in Indonesia, undertaken by the Sixth Metallurgical Construction Group, achieved a significant milestone—the first batch of 15 pots were successfully delivered to the project site and all were hoisted into place in one go, marking the project's entry into the core equipment installation phase. Basis Report: According to SMM data, on June 13, the SMM Alumina Index had a premium of 358.93 yuan/mt against the latest transaction price of the most-traded contract at 11:30. Warrant Report: On June 13, the total registered alumina warrant volume decreased by 2,717 mt from the previous trading day to 80,100 mt. The total registered alumina warrant volume in the Shandong region remained unchanged from the previous trading day at 601 mt. The total registered alumina warrant volume in the Henan region remained unchanged from the previous trading day at 300 mt. The total registered alumina warrant volume in the Guangxi region remained unchanged from the previous trading day at 3,001 mt. The total registered alumina warrant volume in the Gansu region remained unchanged from the previous trading day at 0 mt. The total registered alumina warrant volume in the Xinjiang region decreased by 2,717 mt from the previous trading day to 76,200 mt. Overseas Market: As of June 13, 2025, the FOB Western Australia alumina price was $370/mt, with an ocean freight rate of $22.00/mt. The USD/CNY selling rate was around 7.20. This price translates to an external selling price of approximately 3,269 yuan/mt at major domestic ports, which is 18 yuan/mt higher than the domestic alumina price, keeping the alumina import window open. Summary: The operating capacity of alumina rose by 1.74 million mt/year MoM to 89.01 million mt/year, with relatively loose spot supply compared to the previous period. The total weekly inventory of alumina at aluminum smelters increased by 16,000 mt to 2.646 million mt. In the short term, the alumina fundamentals are expected to maintain a relatively loose pattern, and alumina spot prices are expected to pull back. It is necessary to continuously monitor changes in the capacity of domestic alumina enterprises and the supply of imported alumina. [The information provided is for reference only. This article does not constitute direct advice for investment research decisions. Clients should make decisions cautiously and should not rely on this information to replace their own independent judgment. Any decisions made by clients are unrelated to SMM.]

SMM Alumina Morning Comment 6.13 Futures Market: Overnight, the most-traded alumina 2509 contract opened at 2,890 yuan/mt, with a high of 2,896 yuan/mt, a low of 2,833 yuan/mt, and closed at 2,837 yuan/mt, down 58 yuan/mt or 2.00%, with open interest at 310,000 lots. Ore Market: As of June 12, the SMM Import Bauxite Index was reported at $74.35/mt, up $0.01/mt from the previous trading day; the SMM Guinea Bauxite CIF average price was reported at $74.5/mt, unchanged from the previous trading day; the SMM Australia Low-Temperature Bauxite CIF average price was reported at $70/mt, unchanged from the previous trading day; the SMM Australia High-Temperature Bauxite CIF average price was reported at $65/mt, unchanged from the previous trading day. Industry News: (1) According to SMM statistics on June 12, the total alumina inventory at domestic ports was 38,200 mt, down 18,800 mt from the previous week. Basis Report: According to SMM data, on June 12, the SMM Alumina Index premium against the latest transaction price of the most-traded contract at 11:30 was 380.99 yuan/mt. Warrant Report: On June 12, the total registered alumina warrants decreased by 1,201 mt from the previous trading day to 82,900 mt. The total registered alumina warrants in the Shandong region remained unchanged at 601 mt from the previous trading day, in the Henan region remained unchanged at 300 mt, in the Guangxi region remained unchanged at 3,001 mt, in the Gansu region remained unchanged at 0 mt, and in the Xinjiang region decreased by 1,201 mt from the previous trading day to 80,000 mt. Overseas Market: As of June 12, 2025, the FOB Western Australia alumina price was $370/mt, with an ocean freight rate of $22.00/mt, and the USD/CNY selling rate was around 7.20. This price translates to approximately 3,269 yuan/mt for the external selling price at major domestic ports, which is 8.66 yuan/mt higher than the domestic alumina price, keeping the alumina import window closed. Summary: This week, the operating capacity of alumina increased by 1.74 million mt/year MoM to 89.01 million mt/year, and the availability of spot alumina was relatively looser compared to the previous period. This week, the total alumina inventory at aluminum smelters increased by 16,000 mt to 2.646 million mt. In the short term, the alumina fundamentals are expected to maintain a relatively loose pattern, and spot alumina prices are expected to pull back. Subsequent attention should be paid to changes in the capacity of domestic alumina enterprises and the supply of imported alumina. [The information provided is for reference only. This article does not constitute direct advice for investment research decisions. Clients should make cautious decisions and should not rely on this as a substitute for independent judgment. Any decisions made by clients are not related to SMM.]

SMM News on June 12: Price Review: As of Thursday this week, the SMM alumina index stood at 3,259.99 yuan/mt, down 13.74 yuan/mt from last Thursday. In Shandong, prices were reported at 3,210-3,300 yuan/mt, down 5 yuan/mt from last Thursday; in Henan, prices were at 3,250-3,350 yuan/mt, down 5 yuan/mt from last Thursday; in Shanxi, prices were at 3,230-3,300 yuan/mt, down 25 yuan/mt from last Thursday; in Guangxi, prices were at 3,250-3,320 yuan/mt, down 5 yuan/mt from last Thursday; in Guizhou, prices were at 3,250-3,350 yuan/mt, unchanged from last Thursday; in Bayuquan, prices were at 3,210-3,290 yuan/mt. Overseas Market: As of June 12, 2025, the FOB Western Australia alumina price was $370/mt, with an ocean freight rate of $22.00/mt. The USD/CNY selling rate hovered around 7.20. This price translates to an approximate external selling price of 3,269 yuan/mt at major domestic ports, which is 9 yuan/mt higher than the domestic alumina price, leading to the closure of the alumina import window. No new overseas spot alumina transactions were inquired about this week. Domestic Market: According to SMM data, as of Thursday this week, the total installed capacity of metallurgical-grade alumina nationwide was 110.82 million mt/year, with a total operating capacity of 89.01 million mt/year. The national weekly alumina operating rate rose by 1.57 percentage points WoW to 80.32%, mainly due to the resumption of production at some alumina facilities that had undergone maintenance or production cuts earlier. In Shandong, the weekly alumina operating rate remained unchanged from last week at 88.07%; in Shanxi, it rose by 4.57 percentage points WoW to 75.17%; in Henan, it remained unchanged from last week at 60.00%; in Guangxi, it remained unchanged from last week at 94.58%. During the period, spot alumina transactions were sluggish. Only a few tender prices for alumina procurement by aluminum smelters were reported in the market, with the winning bid prices showing a significant discount to the online prices, driving down alumina prices in north China. Overall: This week, the operating capacity of alumina rose by 1.74 million mt/year WoW to 89.01 million mt/year. Spot alumina supplies were relatively looser compared to the previous period. The total inventory of alumina at aluminum smelters increased by 16,000 mt this week to 2.646 million mt. In the short term, the alumina market fundamentals are expected to remain relatively loose, and spot alumina prices are expected to pull back. Continuous attention should be paid to the capacity changes of domestic alumina enterprises and the supply of imported alumina in the future. Source: SMM 》Click to view SMM Aluminum Industry Chain Database

SMM Alumina Morning Comment on June 11 Futures Market: Overnight, the most-traded alumina 2509 futures contract opened at 2,887 yuan/mt, with a high of 2,897 yuan/mt, a low of 2,870 yuan/mt, and closed at 2,870 yuan/mt, up 2 yuan/mt or 0.07%, with open interest at 304,000 lots. Ore: As of June 10, the SMM imported bauxite index was reported at $75.12/mt, unchanged from the previous trading day; the SMM Guinea bauxite CIF average price was reported at $75/mt, unchanged from the previous trading day; the SMM Australian low-temperature bauxite CIF average price was reported at $70/mt, unchanged from the previous trading day; the SMM Australian high-temperature bauxite CIF average price was reported at $65/mt, unchanged from the previous trading day. Basis Report: According to SMM data, on June 10, the SMM alumina index had a premium of 356.38 yuan/mt against the latest transaction price of the most-traded contract at 11:30. Warrant Report: On June 10, the total registered alumina warrants decreased by 3,299 mt from the previous trading day to 87,100 mt. The total registered alumina warrants in Shandong remained unchanged from the previous trading day at 601 mt, in Henan at 300 mt, in Guangxi at 3,001 mt, and in Gansu at 0 mt. The total registered alumina warrants in Xinjiang decreased by 3,299 mt from the previous trading day to 83,200 mt. Overseas Market: As of June 10, 2025, the FOB Western Australia alumina price was $370/mt, with an ocean freight rate of $21.85/mt. The USD/CNY selling rate was around 7.20. This price translates to an external selling price of approximately 3,270 yuan/mt at major domestic ports, which is 7.26 yuan/mt higher than the domestic alumina price. The alumina import window remained closed. Summary: Last week, the operating capacity of alumina increased by 600,000 mt/year to 87.27 million mt/year. It is understood that some imported alumina arrived at Chinese ports. Supply improved while demand did not change significantly. Last week, the total inventory of alumina at aluminum smelters increased by 19,000 mt to 2.63 million mt. As of June 10, imported alumina prices were still incurring losses, and the import window remained closed. In the short term, the alumina fundamentals are expected to remain relatively loose, with spot alumina prices likely to be in the doldrums. Subsequent attention should be paid to changes in the capacity of domestic alumina enterprises and the transportation of previously imported alumina. [The information provided is for reference only. This article does not constitute direct advice for investment research decisions. Clients should make cautious decisions and should not rely on this as a substitute for independent judgment. Any decisions made by clients are not related to SMM.]

SMM Alumina Morning Comment on June 10 Futures Market: Overnight, the most-traded alumina 2509 futures contract opened at 2,906 yuan/mt, with a high of 2,907 yuan/mt, a low of 2,880 yuan/mt, and closed at 2,883 yuan/mt, down 9 yuan/mt or 0.31%, with open interest at 300,000 lots. Ore: As of June 9, the SMM Import Bauxite Index was reported at $75.12/mt, down $0.08/mt from the previous trading day. The SMM Guinea Bauxite CIF average price was reported at $75/mt, unchanged from the previous trading day. The SMM Australia Low-Temperature Bauxite CIF average price was reported at $70/mt, unchanged from the previous trading day. The SMM Australia High-Temperature Bauxite CIF average price was reported at $65/mt, unchanged from the previous trading day. Basis Report: According to SMM data, on June 9, the SMM Alumina Index premium against the latest transaction price of the most-traded contract at 11:30 was 384.83 yuan/mt. Warrant Report: On June 9, the total registered alumina warrants decreased by 2,110 mt from the previous trading day to 90,400 mt. The total registered alumina warrants in Shandong remained unchanged from the previous trading day at 601 mt. The total registered alumina warrants in Henan remained unchanged from the previous trading day at 300 mt. The total registered alumina warrants in Guangxi remained unchanged from the previous trading day at 3,001 mt. The total registered alumina warrants in Gansu remained unchanged from the previous trading day at 0 mt. The total registered alumina warrants in Xinjiang decreased by 2,110 mt from the previous trading day to 86,500 mt. Overseas Market: As of June 9, 2025, the FOB Western Australia alumina price was $370/mt, with an ocean freight rate of $21.85/mt. The USD/CNY selling rate was around 7.20. This price translates to an external selling price at major domestic ports of approximately 3,270 yuan/mt, which is 4.03 yuan/mt higher than the domestic alumina price, indicating that the alumina import window is closed. Summary: Last week, the operating capacity of alumina increased by 600,000 mt/year to 87.27 million mt/year. It is understood that some imported alumina arrived at Chinese ports. With supply recovering and no significant changes in demand, the total inventory of alumina at aluminum smelters increased by 19,000 mt to 2.63 million mt last week. As of June 9, the price of imported alumina shifted from profit to loss, and the import window was closed. In the short term, the fundamental outlook for alumina remains relatively loose, and alumina spot prices are expected to be in the doldrums. Subsequent attention should be paid to changes in the capacity of domestic alumina enterprises. [The information provided is for reference only. This article does not constitute direct advice for investment research decisions. Clients should make decisions cautiously and should not rely on this as a substitute for independent judgment. Any decisions made by clients are not related to SMM.]

SMM Alumina Morning Comment on June 9 Futures Market: On Friday, the most-traded alumina 2509 futures contract opened at 2,909 yuan/mt during the night session, with a high of 2,922 yuan/mt, a low of 2,889 yuan/mt, and closed at 2,898 yuan/mt, down 3 yuan/mt or 0.10% from the previous close. Open interest stood at 307,000 lots. Ore Market: As of June 6, the SMM Import Bauxite Index was reported at $75.20/mt, up $0.26/mt from the previous trading day. The SMM Guinea Bauxite CIF average price was reported at $75/mt, unchanged from the previous trading day. The SMM Australia Low-Temperature Bauxite CIF average price was reported at $70/mt, unchanged from the previous trading day. The SMM Australia High-Temperature Bauxite CIF average price was reported at $65/mt, unchanged from the previous trading day. Industry Updates: (1) Bauxite Port Inventory: According to SMM statistics on June 6, the total bauxite inventory at nine domestic ports was 21.2 million mt, a decrease of 360,000 mt from the previous week. Basis Report: According to SMM data, on June 6, the SMM Alumina Index premium against the latest transaction price of the most-traded contract at 11:30 was 325.68 yuan/mt. Warrant Report: On June 6, the total registered alumina warrants decreased by 3,906 mt from the previous trading day to 92,500 mt. The total registered alumina warrants in Shandong remained unchanged at 601 mt from the previous trading day. The total registered alumina warrants in Henan remained unchanged at 300 mt from the previous trading day. The total registered alumina warrants in Guangxi remained unchanged at 3,001 mt from the previous trading day. The total registered alumina warrants in Gansu remained unchanged at 0 mt from the previous trading day. The total registered alumina warrants in Xinjiang decreased by 3,906 mt from the previous trading day to 88,600 mt. Overseas Market: As of June 6, 2025, the FOB Western Australia alumina price was $370/mt, with an ocean freight rate of $21.85/mt. The USD/CNY selling rate was around 7.20. This price translates to an approximate external selling price of 3,269 yuan/mt at major domestic ports, which is 0.70 yuan/mt lower than the domestic alumina price, indicating a gradual opening of the alumina import window. Summary: Last week, the operating capacity of alumina increased by 600,000 mt/year to 87.27 million mt/year. It is understood that some imported alumina arrived at Chinese ports. With supply recovering and no significant changes in demand, the total inventory of alumina at aluminum smelters increased by 19,000 mt to 2.63 million mt last week. The import window remained open, and imported alumina supply is expected to increase in the future. In the short term, the alumina fundamentals may shift towards a relatively loose pattern, and alumina spot prices are expected to remain in the doldrums. Continuous attention should be paid to changes in the capacity of domestic alumina enterprises and the supply of imported alumina. [The information provided is for reference only. This article does not constitute direct advice for investment research and decision-making. Clients should make decisions cautiously and should not replace their own independent judgment with this information. Any decisions made by clients are not related to SMM.]