SMM June 4 update: This week, the aluminum fluoride tender price from downstream benchmark enterprises was finalised, and aluminum fluoride prices declined. As of now, SMM aluminum fluoride prices closed at 11,280-11,700 yuan/mt; cryolite prices remained stable, with SMM cryolite quoted at 7,000-8,500 yuan/mt. Raw material side: This week, China's 97% fluorite wet powder market remained stable, with mainstream delivered transaction prices concentrated at 3,100-3,400 yuan/mt, and regional price spreads remained notable. Supply side, as mine operating rates in northern major producing areas continued to recover, domestic spot supply steadily increased; meanwhile, Mongolian imported fluorite cargoes arrived at ports successively and flowed into the market, further exacerbating the loose supply pattern. However, recent coal mine safety accidents in Shanxi triggered market expectations of stricter mine safety and environmental protection supervision, which may cause periodic disruptions to production pace at some mines going forward, and the market still held certain wait-and-see sentiment toward the supply side. Demand side performance remained weak. Downstream hydrofluoric acid enterprises, constrained by insufficient operating rates in end-use industries such as refrigerants and fluoropolymers, maintained just-in-time procurement for raw materials, with limited follow-up on large orders, and overall market trading atmosphere was sluggish. Affected by weak raw materials and insufficient end-use demand, the hydrofluoric acid market price center continued to shift downward, further weakening support for the fluorite market. Overall, under the combined influence of multiple bearish factors including domestic supply recovery, continuous supplementation of low-priced imported cargoes, and weak downstream demand, the overall supply-demand pattern remained loose, and fluorite prices are likely to continue weak consolidation in the short term. This week, China's aluminum hydroxide market held up well within a narrow range, with SMM aluminum hydroxide weighted average price at 1,656 yuan/mt, up 0.3% WoW. Upstream cost supported spot quotes, while downstream made purchases on demand with limited transaction volume growth. This week, domestic sulphuric acid stayed high and held up well. High sulphur costs combined with concentrated maintenance at multiple facilities and tight spot supply; although phosphate fertiliser downstream was in the traditional off-season, suppressing room for price increases, just-in-time chemical demand provided a floor, and short-term sulphuric acid prices are expected to continue fluctuating at highs with an overall firm pattern. Overall, this week aluminum fluoride's main raw materials were generally stable with slight rise. Rising aluminum hydroxide and sulphuric acid prices drove the industry's comprehensive cost center upward, and raw material price increases were difficult to pass through smoothly downstream, intensifying pressure on enterprise production costs. Supply side continued the pattern of "rigid high costs—sustained profit pressure—low operating rates." This week, sulphuric acid and aluminum hydroxide prices rose, the industry was generally in a state of losses, enterprise maintenance and flexible production increased, and the industry operating rate remained at a low level of around 40%, with limited effective incremental supply. Demand side, downstream operating aluminum capacity remained stable at high levels, providing rigid floor demand for aluminum fluoride, but aluminum enterprise procurement was dominated by just-in-time restocking and pushing for lower prices with a wait-and-see approach, with no additional incremental demand for now. Brief comment: Recently, the raw material market was generally stable with a strengthening trend. Within the week, the industry's comprehensive cost center rose, enterprise profit margins continued to be squeezed, and sustained losses dampened production enthusiasm. On the demand side, downstream aluminum enterprises still maintained just-in-time procurement. Within the week, the June benchmark aluminum enterprise aluminum fluoride tender price was officially finalised, down 200-220 yuan/mt WoW. Driven by the tender price reduction, market transaction price center shifted downward accordingly. Going forward, close attention should be paid to dynamic changes on the raw material cost side, as well as marginal adjustments in downstream aluminum enterprise procurement pace.

Overall market trading activity was sluggish. At month-end, the market maintained a steady posture, watching for the outcome of the new round of aluminum fluoride tender prices. However, as the raw material side showed signs of easing, prices are expected to be slightly under pressure next month. Going forward, close attention should continue to 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 Brief】This week, trends in the core raw materials market for aluminum fluoride diverged. Fluorite prices continued to weaken, the aluminum hydroxide market remained stable, while sulfuric acid prices stayed elevated due to cost support and tight supply. Amid mixed movements in raw material prices, overall cost support for the aluminum fluoride industry has eased slightly compared with earlier periods, though the overall cost base remains relatively high and production-side pressure on enterprises has not yet significantly eased.

SMM May 21 update: This week, trading activity among China's aluminum fluoride enterprises turned sluggish, with aluminum fluoride prices holding steady. 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 diverged, while overall cost support remained relatively firm. This week, delivery-to-factory prices of 97% fluorite powder in China trended downward, with mainstream transactions concentrated at 3,300-3,500 yuan/mt. Low-priced sources in the north dipped to around 3,100 yuan/mt, with regional price spreads remaining pronounced. Supply side, operating rates at mines in major northern producing areas rebounded steadily, domestic spot supply continued to increase, and Mongolian imported fluorite cargoes kept arriving at ports and flowing into the market, further easing overall resource supply. Under these circumstances, resistance to transactions at high quoted prices intensified. Demand side, a strong wait-and-see sentiment prevailed among downstream industries, with insufficient follow-through on new orders. Downstream producers mainly focused on executing previously contracted orders, and actual trading activity in the spot market remained weak. Although the recent rise in hydrofluoric acid prices provided some positive sentiment for the fluorite market, coupled with delayed resumption of operations at Zhejiang mining areas and minor support from low inventory levels in certain regions, ample overall market supply combined with sluggish end-user procurement demand meant that fluorite powder prices were expected to remain slightly in the doldrums in the short term. Aluminum hydroxide prices edged down slightly, with the current SMM weighted average price at 1,651 yuan/mt, down 0.30% from last Thursday. The sulphuric acid market continued to rise. Currently, raw material sulphur circulation remained tight with prices continuing to climb. Supply side, some enterprises underwent maintenance shutdowns, tightening supply, while demand gradually weakened. Overall, sulphuric acid prices hovered at highs, with the market remaining relatively strong. In summary, prices of core raw materials for aluminum fluoride diverged, the industry's comprehensive cost center fluctuated at highs, and production pressure on enterprises remained difficult to alleviate. Supply side, the negative cycle of rigid high costs — deep losses — low operating rates continued. This week, raw material prices diverged, with fluorite pulling back slightly while sulphuric acid remained firm. Comprehensive costs stayed elevated, with widespread losses across the industry intensifying. Enterprise maintenance and flexible production increased, with the industry operating rate remaining at a low level of around 40%, limiting effective incremental supply. Demand side, downstream operating aluminum capacity remained stable at high levels, providing rigid floor demand for aluminum fluoride. However, aluminum enterprises' procurement was mainly limited to restocking for essential needs while pushing for lower prices, with no additional incremental demand for the time being. Brief comment: This week, aluminum fluoride raw material trends diverged, with comprehensive costs staying high and continuously squeezing enterprise profit margins. The industry continued under the triple pressure of "high costs, low profits, and low operating rates," making it difficult to boost production enthusiasm. The market currently lacked clear directional guidance, with a tug-of-war between upstream and downstream remaining stagnant. Transactions relied solely on rigid demand support, and a strong wait-and-see sentiment pervaded the market. Prices were expected to remain stable in the short term. Going forward, close attention should be paid to dynamic changes in raw material costs, as well as marginal adjustments in the procurement pace of downstream aluminum enterprises.

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 also 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 remained stable in a transitional pattern, with mainstream transactions in the range of 3,200-3,500 yuan/mt and notable regional price spreads persisting. Supply side, operating rates in northern producing 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 pressure on transactions, and some traders remained willing to cut prices to ship out goods in order to recoup funds. Demand side, wait-and-see sentiment in the downstream market had yet to dissipate after the holiday, 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 mining operations in Zhejiang along with locally low inventory levels 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 supply 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 alleviate. The supply side exhibited a negative cycle of rigid cost increases, deeply pressured profitability, and 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 high levels, 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 production enthusiasm among enterprises. Overall, the market currently lacked clear trend-driven factors for price movements, with a stalemate in the tug-of-war between sellers and buyers. Transactions were dominated 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 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 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.

[SMM Aluminum News Flash] This week, raw materials for aluminum fluoride overall continued to fluctuate upward. Although aluminum hydroxide prices weakened somewhat, sulphuric acid prices surged significantly, hitting new highs repeatedly. The sustained rise in costs has notably intensified pressure on enterprises' production and operations.

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.