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.

[SMM Aluminum Flash News] Entering March, support from raw materials such as fluorite and sulphuric acid remained strong. Rising raw material costs increased production pressure, while falling downstream tender prices weighed on selling prices. Enterprises’ profit margins were squeezed from both sides, dampening production enthusiasm. Overall, although the dual-weak supply-demand pattern has not yet improved significantly, higher fluorite and sulphuric acid prices on the cost side have provided strong support; therefore, aluminum fluoride prices are expected to strengthen next month.

Overall, cost support remains, but has not yet formed strong upward momentum, combined with aluminum enterprises' strong push for lower prices, aluminum fluoride prices in March are expected to be mainly stable with a slight weakening trend.

[SMM Aluminum Express] Current raw material prices, such as fluorite and sulphuric acid, are stable, providing strong bottom support for aluminum fluoride prices. Supply side, the spot market is ample, and with expectations of enterprises gradually resuming production after the holiday, future supply is expected to continue increasing. Demand side, the rebound is only driven by rigid restocking demand from the aluminum industry, lacking significant positive boosts. Overall, cost support remains, but no strong upward momentum has formed yet. Combined with aluminum enterprises' strong push for lower prices, aluminum fluoride prices in March are expected to be mainly stable with a slight weakening trend.

SMM February 28 news: According to SMM data, the average tax-inclusive full cost of China's aluminum industry in February 2026 fell 0.9% MoM and dropped 5.7% YoY. During the period, alumina raw material costs and auxiliary material costs declined, and the total cost pulled back slightly. The average SMM A00 spot price (January 26–February 25) in February was largely stable, and aluminum profit margins expanded to 7,707 yuan/mt. If the industry calculates based on the monthly average price, 100% of domestic operating aluminum capacity was profitable in February. Cost breakdown: Alumina raw material side : SMM data showed the average SMM alumina index in February was 2,621 yuan/mt (January 26–February 25), down 1.7% MoM. Production cuts at alumina plants during the month shifted inventory to destocking, but after the holiday, some aluminum smelters proactively reduced inventory, resulting in actual demand being lower than theoretical demand. Prices saw only a slight rebound by month-end, and the monthly average price dropped MoM. Entering March, alumina prices face both bullish and bearish factors. On one hand, operating alumina capacity is expected to decline MoM; on the other hand, aluminum smelters’ proactive destocking is expected to reduce demand. Overall, alumina raw material prices are projected to change by a relatively small margin. Auxiliary material market side : Both prebaked anode and fluoride salt prices pulled back in February. In March, prebaked anode and aluminum fluoride prices are expected to maintain a slight downward trend, and auxiliary material costs are projected to decrease. Electricity price side : Electricity prices were generally stable in February, with slight declines in some regions, leading to a small drop in the national average aluminum power cost. Entering March, electricity prices are expected to remain largely stable, and aluminum power costs are projected to hold steady. Overall, SMM expects the weighted average tax-inclusive full cost of China's aluminum industry in March 2026 to be largely stable, averaging around 15,750–16,150 yuan/mt.

SMM February 26: This week, aluminum fluoride enterprises focused on fulfilling orders. Approaching month-end, the market awaited new price guidance, resulting in sluggish trading activity and stable prices. To date, SMM aluminum fluoride prices closed at 10,480-10,750 yuan/mt; cryolite prices remained largely stable, with SMM cryolite quotes at 7,000-9,000 yuan/mt. Raw material side: Prices of core raw materials for aluminum fluoride were largely stable. Specifically, delivery-to-factory prices for 97% fluorite powder held steady, currently concentrated in the range of 3,100-3,400 yuan/mt. Supply side, production halts in north China due to low temperatures and the Chinese New Year holiday reduced market supply. Coupled with routine environmental and safety supervision, small and medium-sized mines experienced unstable operations. Imports were mainly medium and low-grade, with limited high-grade supply, prolonging structural tightness. Although supply contracted, high inventory in some regions and sluggish shipments exerted some downward pressure on prices. Demand side remained weak, with core downstream hydrofluoric acid industry operating at low rates, resulting in weak digestion of fluorite powder and lack of strong momentum. Current market transactions were sluggish, and prices saw no major adjustments. Aluminum hydroxide prices held steady, with the SMM weighted average price at 1,611 yuan/mt, flat MoM. The sulfuric acid market continued to fluctuate at highs, providing some cost support for aluminum fluoride. Overall, rigid cost support for aluminum fluoride raw materials remained. Supply-demand side: In terms of supply, some previously idled enterprises in the domestic aluminum fluoride industry gradually prepared to resume production after the holiday, raising expectations for supply recovery. However, some enterprises conducted planned maintenance, and high costs constrained production enthusiasm. Industry-wide operating rates remained in the doldrums, with relatively ample spot supply in the market. Demand side, operating capacity in the downstream aluminum industry stayed stable, providing rigid support for aluminum fluoride demand. Post-holiday, downstream enterprises gradually resumed procurement pace, and market activity recovered. However, cautious procurement sentiment led enterprises to restock as needed and maintain low inventory, resulting in limited actual purchases and insufficient support for aluminum fluoride price increases. Brief comment: Current stable trends in raw material prices such as fluorite and sulfuric acid provided strong bottom support for aluminum fluoride prices. Supply side, ample spot supply and post-holiday production resumptions were expected to increase supply further. Demand side, only rigid restocking from the aluminum industry drove a slight rebound, lacking significant boosts. Considering multiple factors, SMM expected aluminum fluoride prices to fluctuate rangebound in the short term. Future monitoring should focus on dynamic changes in raw material costs and marginal adjustments in procurement pace of downstream aluminum enterprises.

SMM February 12 News: This week, domestic aluminum fluoride enterprises focused on order deliveries, with aluminum fluoride prices largely stable. The SMM aluminum fluoride price closed at 10,480-10,750 yuan/mt; cryolite prices remained stable, with the SMM cryolite quote at 7,000-9,000 yuan/mt. Raw material side: Prices of core raw materials for aluminum fluoride were largely stable. Specifically, delivery-to-factory prices for 97% fluorite powder were mainly steady, currently concentrated in the range of 3,100-3,400 yuan/mt. Supply side, conventional shutdowns occurred in north China due to low temperatures and the Chinese New Year holiday, leading to a decline in market supply; coupled with normalized environmental protection and safety supervision, operations at small and medium-sized mines were unstable. Imports were mainly medium and low grade, with limited supplementation of high-grade sources, prolonging structural tightness. Although the supply side contracted, social inventory remained high and shipments were sluggish, exerting some downward pressure on prices. Demand side performance was weak, with operating rates in the core downstream hydrofluoric acid industry remaining low, resulting in weak digestion capacity for fluorite powder and difficulty forming strong momentum. Market transactions were currently sluggish, and prices saw no major adjustments. Aluminum hydroxide prices stopped falling and stabilized, with the SMM weighted average price reported at 1,611 yuan/mt, flat MoM. The sulphuric acid market maintained a fluctuating and consolidating trend at highs, providing some support for aluminum fluoride costs. Overall, rigid cost support from the aluminum fluoride raw material side remains. Supply-demand side: In terms of supply, lower raw material prices effectively alleviated some cost pressure for enterprises, but due to strict constraints from environmental protection and energy consumption policies, dual restrictions from raw material costs and profit margins, as well as impacts from maintenance and production cuts at some enterprises, industry supply declined. On the demand side, operating aluminum capacity remained basically stable, providing solid rigid demand support for aluminum fluoride, but enterprises maintained a cautious procurement attitude, mainly restocking based on demand. Brief Review: Recently, raw materials such as fluorite and sulphuric acid on the cost side operated largely steadily, still providing rigid support for aluminum fluoride prices. The supply side has ample spot cargo, and coupled with expectations of production resumptions after the holiday, market supply is expected to further release; the demand side saw only a slight recovery relying on rigid restocking by aluminum enterprises, with insufficient incremental support. Under the interplay of multiple factors, aluminum fluoride prices are expected to fluctuate rangebound in the short term. Subsequent attention should remain on dynamic changes in raw material costs and marginal adjustments in the procurement pace of downstream aluminum enterprises.

SMM February 6: Prebaked Anode Market: Domestic and Export Prices Fall Together, Weak Cost Side Drags Down Future Market In February 2026, prebaked anode prices mainly declined. In the domestic market, a Shandong aluminum enterprise set its February 2026 procurement benchmark price at 5,229 yuan/mt, down 2% MoM. In the export market, according to SMM surveys, prebaked anode export order prices in February mainly fell, with declines concentrated in the range of $10-20/mt. Raw material side, since February, due to downstream aluminum carbon and anode material enterprises mainly restocking based on rigid demand, purchasing enthusiasm has been relatively moderate. Petroleum coke prices were generally stable with slight fall. Although post-holiday restocking provided some support, affected by supply-demand and cost factors, petroleum coke prices in February are expected to continue structural differentiation and an overall trend in the doldrums. In the coal tar pitch market, support from the cost side high-temperature coal tar loosened, and coal tar pitch prices mainly operated in the doldrums. Overall, the prebaked anode cost side was in the doldrums, and prebaked anode prices next month are expected to be slightly under pressure. Aluminum Fluoride Market: Tender Pricing Decline Drives Prices Down, Weak Supply-Demand Constrains Future Recovery The downstream aluminum benchmark enterprise's February 2026 tender pricing saw a decline, finally settling in the range of 10,480-10,550 yuan/mt, driving aluminum fluoride prices to generally follow with declines of 200-380 yuan/mt. Overall, the aluminum fluoride fundamentals failed to provide effective support for prices. Loosening costs combined with a weak supply-demand situation caused prices in February to fall under pressure. The supporting effect from the raw material side significantly weakened, further constraining market trends. The support from raw materials such as fluorite and sulphuric acid was limited. The core intermediate hydrofluoric acid market experienced weak supply-demand around the Chinese New Year, with an unclear pace for post-holiday operating rate and demand recovery, greatly weakening the cost transmission effect. On the supply side, although the current industry operating rate has declined somewhat, spot inventory remains sufficient. Post-holiday production resumptions by enterprises will further release capacity, increasing supply pressure. On the demand side, only slight recovery was achieved relying on rigid demand restocking by aluminum enterprises, lacking substantial incremental support. Under multiple constraints, aluminum fluoride prices next month are highly likely to continue their weak trend.

SMM According to SMM data, the average tax-inclusive full cost of China's aluminum industry in January 2026 dropped 0.6% MoM and fell 19.5% YoY. During the period, raw material costs for alumina and auxiliary material costs for prebaked anode declined, while electricity and aluminum fluoride costs increased, resulting in a slight pullback in total cost. The average SMM A00 spot price in January was approximately 23,641 yuan/mt (December 26, 2025–January 25, 2026), with the monthly average aluminum price rising 1,840 yuan/mt MoM. Aluminum profit margins expanded to over 7,500 yuan/mt. If calculated using the monthly average price, 100% of domestic operating aluminum capacity was profitable in January. Cost breakdown: Alumina raw material side, SMM data showed the average SMM alumina index in January was 2,667 yuan/mt (December 26, 2025–January 25, 2026), down 4.6% MoM. Domestic alumina inventory continued to build up during the month, and prices declined gradually. Entering February 2026, operating alumina capacity is expected to decrease due to maintenance and production cuts, but spot alumina supply remains relatively ample. Spot alumina prices are likely to remain under pressure in the short term, with the monthly average price projected to fall MoM. Alumina raw material costs are expected to decline. Auxiliary material market side, prebaked anode prices dropped in January, while fluoride salt prices rose MoM. In February 2026, both prebaked anode and aluminum fluoride prices are expected to decline, and auxiliary material costs are projected to decrease. Electricity prices side, entering the dry season, electricity prices in provinces with high hydropower shares such as Yunnan and Sichuan increased significantly in January, raising the average national aluminum electricity cost. In February 2026, electricity prices are expected to stabilize, and aluminum electricity costs are projected to remain steady. Overall, SMM expects the weighted average tax-inclusive full cost of the domestic aluminum industry in February 2026 to decline MoM, with the average ranging around 15,700–16,100 yuan/mt.

SMM News on June 12: This week, aluminum fluoride enterprises have focused on fulfilling orders, with aluminum fluoride prices holding steady. As of now, SMM aluminum fluoride prices closed at 9,630-9,900 yuan/mt, while SMM cryolite was quoted at 7,500-9,500 yuan/mt. From the perspective of raw material supply, the raw material market has shown slight divergence. The fluorite market remains sluggish, with the current tight supply situation in the fluorite powder market easing somewhat, coupled with the supplement of imported sources, the market supply side is relatively ample. On the demand side, end-use consumption is weak, and downstream enterprises exhibit strong wait-and-see sentiment. It is expected that fluorite prices will continue to weaken. As of now, the average delivery-to-factory price of 97% fluorite powder is 3,325 yuan/mt. Prices have remained weak this week, down 1.25% MoM. Additionally, the market trends for other raw materials of aluminum fluoride vary. Affected by the easing of alumina prices, the price of aluminum hydroxide has held steady this week, with an ex-factory average price of 2,131 yuan/mt. Sulphuric acid prices have held up well. Overall, despite the weakening of fluorite prices, the strength of sulphuric acid and the stable prices of aluminum hydroxide have kept the production costs of aluminum fluoride enterprises fluctuating at highs. Coupled with the pressure on product prices, enterprises still face significant operational and production pressures.​ Due to poor profits of aluminum fluoride enterprises, the enthusiasm for production at the supply side is low, leading to a long-term low level of capacity utilisation rate. Although the operating conditions of downstream aluminum enterprises are good on the demand side, procurement sentiment is average, mainly focusing on just-in-time procurement. Therefore, the support for aluminum fluoride prices from both supply and demand sides is relatively limited. Brief Commentary: The current aluminum fluoride market continues to exhibit a pattern of weak supply and demand. The decline in aluminum fluoride prices and the high raw material costs have formed a dual pressure, continuously compressing the profit margins of enterprises. Even though some raw material prices have fluctuated, the overall cost support remains strong, making it difficult to alleviate the operational and production pressures of enterprises. The operating rate continues to run at a low level, lacking short-term rebound momentum. Coupled with the lack of favorable support on the demand side, it is expected that aluminum fluoride prices will mainly hold steady in the short term.