On March 16th, Dongxing Aluminum held a groundbreaking ceremony for the first phase of its high-end electrical round aluminum rod continuous casting and rolling project. The project has a planned total capacity of 200,000 tons per year and will be constructed in two phases. The first phase, with a capacity of 100,000 tons per year, is scheduled for completion by the end of December this year. Guided by the principles of "intelligentization, greening, and integration," the project leverages the company's existing high-quality electrolytic aluminum resources to produce L3 and above series of high-strength, high-conductivity aluminum alloy guide rods, with high-end products accounting for over 50%.

In mid-May, Mingtai Al. released a record of investor relations activities, mentioning that the company's production and sales of aluminum plate/sheet, strip and foil in Q1 reached a new historical high, with sales volume approaching 380,000 mt, up 11% YoY. The company is unwavering in its commitment to driving product structure improvement through technological innovation, emphasizing "quality improvement and efficiency enhancement," focusing on "high-end intelligent manufacturing," and strategically positioning itself to seize future opportunities. The development and stable supply of products in emerging fields such as new energy, automotive transportation, and robotics are contributing to the company's steady growth in production and sales. Mingtai Al.'s previously released Q1 performance report showed that the company achieved a total revenue of 8.124 billion yuan in Q1, up 13.07% YoY; net profit attributable to shareholders of the publicly listed firm reached 440 million yuan, up 21.46% YoY. According to public information, the company primarily engages in the comprehensive application of aluminum plate/sheet, strip and foil, aluminum extrusion, and secondary aluminum resources. It possesses four hot continuous rolling production lines, internationally advanced aluminum dross treatment production lines, and secondary aluminum process technology and equipment. Its products cover 47 alloy grades from the 1-series to the 8-series, with over 200 specifications and models available. The company serves more than 4,000 customers, with its products being popular in over 50 countries and regions both domestically and overseas. They are widely used in numerous fields such as new energy, electronics and home appliances, 5G communications, pharmaceutical packaging, food packaging, transportation, ultra-high voltage power transmission, railcar bodies, new infrastructure, and military industries. Regarding current orders on hand, Mingtai Al. stated that historically, March marks the peak consumption season for aluminum. The company's current orders on hand have increased, sufficient to meet one and a half months of production scheduling. Moreover, the company's product processing fees have remained stable with an upward trend. In Q1, the company and the industry raised processing fees for products such as CTP/PS plates, can stock, and easy-open end stock. Additionally, the company was asked about the impact of the US's "reciprocal tariff" policy on its foreign trade. Mingtai Al. responded that during the 2018 Sino-US trade war, the US imposed anti-dumping and countervailing duties on Chinese aluminum products, after which Mingtai Al.'s direct exports to the US decreased significantly. Recently, steel and aluminum products were not included in the US's "reciprocal tariff" policy. Foreign trade sales volume has increased QoQ this year, with foreign trade orders showing signs of recovery. Regarding the company's development plan for 2025, Mingtai Al. stated that it is dedicated to its core business, focusing on "high-end intelligent manufacturing" and "low-carbon circular economy." This year, the company will prioritize the construction of high-end heat treatment lines to promote product upgrading, paying close attention to aluminum demand in fields such as new energy, automotive materials, semiconductors, industrial robots, and low-altitude flight. It will actively develop products in these related fields and continuously improve its product structure. This year, the production capacity of the subsidiary Yirui New Materials and overseas bases continued to be released, ensuring a significant increase in the company's production and sales scale in 2025. Mingtai AL. was also asked whether the company's scale of secondary aluminum conservation application would continue to expand in 2025. The company stated that in the second half of 2024, the EU began requiring the submission of product carbon emission data. After preliminary calculations by the company, secondary aluminum products demonstrated significant advantages in carbon emission reduction, and the company is unwavering in its commitment to continuously promoting the development of the secondary aluminum business. At the end of 2024, China Customs relaxed restrictions on the import of deformed aluminum scrap, supporting the development of enterprises engaged in the conservation application of secondary aluminum. The company established an International Procurement Department for Secondary Aluminum to further expand the sources of aluminum scrap procurement, actively promote the application of secondary aluminum products, and continue to lead the industry in low-carbon development. Previously, the company also released its 2024 annual report data, showing a total revenue of 32.321 billion yuan, up 22.23% YoY; the net profit attributable to shareholders of the publicly listed firm was 1.748 billion yuan, up 29.76% YoY. According to the annual report data, the company currently has an annual processing capacity of over 1 million mt of aluminum scrap and a comprehensive utilization capacity of 120,000 mt of aluminum dross, reaching internationally advanced levels. In terms of the aluminum plate/sheet, strip and foil business, the existing production capacity is over 1.6 million mt. The company produces a variety of products, including battery aluminum foil for pouch batteries, electronic foil, checkered plate, lightweight materials for commercial vehicles, and food and pharmaceutical packaging foil, which consistently rank among the top in the domestic market share. The proportion of high value-added products, such as aluminum for new energy and new materials, aluminum for transportation, and aluminum for automotive lightweight applications, is gradually increasing. In the aluminum extrusion business, Mingtai Traffic New Material operates steadily, achieving self-sufficiency in railcar extrusions, supplying aluminum alloy railcar bodies in bulk, and externally selling products such as new energy battery trays, automotive extrusions, extruded aluminum pipes for GIL used in ultra-high-voltage power transmission equipment, and interior fittings for rail vehicles, continuously expanding its business scope. In terms of procurement mode, the company's main raw materials are aluminum ingots and secondary aluminum, adopting a "produce based on sales, purchase based on production" approach. It procures from suppliers in a continuous and batch-by-batch manner according to customer orders and production and operation plans. The procurement price is determined based on the average spot aluminum price on the Shanghai Nonferrous Metals Market , adjusted in consideration of payment terms, freight responsibility, and the type of secondary aluminum. The company has signed long-term procurement agreements with some aluminum ingot suppliers of a certain scale and economic strength, establishing long-term and stable cooperative relationships to ensure convenient and timely raw material supply. Moreover, to cope with potential losses from volatile raw material prices, Mingtai AL. issued an announcement on April 23 regarding the implementation of aluminum ingot hedging. It mentioned that engaging in aluminum ingot futures trading can fully utilize the hedging mechanism in the futures market to mitigate the risk of raw material price fluctuations, avoid potential losses from volatile raw material prices, ensure the relative stability of product costs, and reduce the impact on the company's normal operations. When mentioning the impact of aluminum ingot hedging on the company, Mingtai Aluminum stated that the company specializes in the production and sales of aluminum plate/sheet, strip and foil, with aluminum ingot as its main raw material. To avoid the impact of fluctuations in raw material prices, the company will actively hedge relevant risks through the hedging function of futures, adhering to the principles of legality, prudence, safety, and effectiveness, without the purpose of arbitrage or speculation. The company has formulated relevant risk control measures to strictly control investment risks. The company's engagement in futures hedging business will not harm the interests of the company and all its shareholders.

Coordinating Domestic and International Relations Enhancing the Security of Aluminum Resource Supply — Excerpt from a Speech at the Symposium on Chinese Enterprises' Investment in Guinea's Aluminum Industry China Nonferrous Metals Industry Association Party Secretary and President, Honglin Ge Just now, everyone shared valuable opinions and suggestions. The association will carefully absorb and actively study these inputs. For matters related to national policies, the association will convey them to relevant national departments and provide recommendations. For example, regarding the elimination of blind spots, establishing Chinese banks, insurance, accounting, and law firms in Guinea. For industry-related association work, we will actively study and adopt suggestions, such as collaborating with Chinese enterprises to research the development plan for Guinea's aluminum industry and the conversion of Chinese standards for the aluminum industry. This is my second visit to Guinea. The first was in September 2015, when I came for the development of the Simandou iron ore project. However, Guinea's abundant bauxite resources deeply attracted me, sparking the idea of Chalco's investment. After 10 years, Guinea's economy has undergone tremendous changes, with GDP growing nearly 200% from $8.778 billion in 2014 to $25.808 billion in 2024. I personally believe that Chinese enterprises' large-scale investment and development of bauxite in Guinea not only effectively supplement China's bauxite resource gap but also significantly drive the construction of infrastructure such as roads, railways, ports, and energy in Guinea, promoting its economic and social development. The past decade has proven that Chinese enterprises' investment in Guinea's aluminum industry is the right direction with remarkable achievements. The enterprises and entrepreneurs present here have made significant contributions. In this regard, our international publicity, including in Guinea, has been insufficient. Proper publicity will help gain further understanding and support from the Guinean government and society. Taking this opportunity, I would like to share five points on Chinese enterprises' investment in Guinea's aluminum industry for your reference. ➤ I. Fully Understand the "Ceiling" of China's Bauxite Demand As is well known, the aluminum industry chain is divided into four segments: bauxite, alumina, aluminum, and aluminum processing. Producing 1 mt of aluminum requires approximately 2 mt of alumina and 4 mt (50%) of bauxite. In 2016, facing overcapacity and severe losses in aluminum production, some insightful individuals in the nonferrous metals industry proposed regulatory judgments on aluminum capacity. From a legal perspective, the "Guiding Opinions on Resolving Severe Overcapacity Contradictions" issued by the State Council on October 6, 2013, explicitly prohibited new aluminum capacity projects, setting the compliance capacity at that time to around 45 million mt. From a market perspective, aluminum production was absolutely oversupplied. Based on developed countries' aluminum demand, 45 million mt of aluminum capacity, along with the use of secondary aluminum and strict control of aluminum exports, can fully meet China's demand for the next 15 years. Therefore, a report titled "Urgent Need to Strictly Control New Aluminum Capacity" was submitted to central authorities, receiving high attention and four important instructions from central leaders. Nationwide, supply-side structural reforms in the aluminum industry were carried out, establishing a self-regulated "ceiling" of 45 million mt. According to raw material ratios, this also formed ceilings of approximately 90 million mt of alumina and 200 million mt of bauxite (45% aluminum content). ➤ II. Fully Understand the "Ceiling" of Bauxite Imports from Guinea Due to China's significantly lower bauxite resource endowment compared to Guinea, whether in terms of quality, reserves, or extractability, many Chinese enterprises have actively invested in bauxite mining in Guinea, leading to a surge in Guinea's bauxite imports over the past decade. This raises two questions: First, should a reasonable ratio between domestic and imported bauxite be established for China's alumina production? Second, should a reasonable distribution of bauxite import sources be established? The answer is clearly yes. In terms of domestic and overseas supply ratios, the bottom line for domestic ore needs to be determined—whether it is 20%, 30%, or 40%. For imported ore, the bottom line for Guinea's share needs to be determined—whether it is 70%, 60%, or 50%. Assuming an extreme scenario of 20% domestic ore and 70% Guinea bauxite, Guinea would only need to supply 112 million mt (2.0*0.8*0.7). This figure already exceeds China's 2024 Guinea bauxite imports of 110 million mt and is lower than the 2024 production of 120.5 million mt by enterprises such as Chalco Boffa, SMB-Winning Consortium, SPIC, Henan International, and Zibo Rundi Jinbo, and even lower than the 140 million mt expected after new projects in Guinea in 2025. The surplus will force us to redirect sales to other regions worldwide. Even if we partially convert to producing alumina locally in Guinea, transporting alumina back to China will directly reduce domestic bauxite demand. ➤ III. Fully Understand and Coordinate Domestic and International Supply To enhance the security of international resource development and acquisition, it is essential to balance domestic, international, and country-specific supply ratios. Currently, we face two major issues: the rapid decline in domestic ore supply and the excessive concentration of imported ore sources. We must not recognize these issues early but act slowly. For the former, we must rely on a new round of domestic mineral exploration to increase bauxite reserves and production. Leveraging reforms in national mining rights policies, we should intensify bauxite resource surveys and exploration, enhance domestic resource reserves, especially promoting resources like coal-underlying bauxite and high-alumina fly ash, to ensure the security of bauxite supply in China's aluminum industry chain. For the latter, we must pay high attention to country-specific risks. Mining in a single country is not necessarily better with higher quantities. Without a comprehensive balance between domestic and non-Guinea ore, leading to disproportionate ratios, reliance can turn into dependence, planting future security risks. Everyone must think calmly. Additionally, with some enterprises committing to second and even third phases, and other Chinese enterprises attempting to join, the risk of concentration will further intensify. Numerous past examples show that excessive concentration in a single country inevitably leads to tighter government policies and controls. If enterprises fail to fulfill commitments made to secure resources, they can easily become targets of sanctions. From our survey, Chinese enterprises' bauxite development in Guinea has formed distinct characteristics. One category includes industry enterprises developing bauxite resources to extend and improve their aluminum industry chain, strengthening their core business. Another category includes cross-industry enterprises leveraging international trade and infrastructure construction advantages to engage in bauxite resource development. It is important to note that enterprises entering bauxite development solely for profit must fully understand domestic and international market changes, especially long-term demand trends, and formulate development plans. In summary, we must highly prioritize country-specific risks to enhance the security of international resource development and acquisition. ➤ IV. Fully Understand and Fulfill Social Responsibilities in Overseas Investment Yesterday, we visited the SMB-Winning Consortium's Emerald Renhe Hospital, which left a very positive impression with its excellent medical conditions and environment. It is a good project that integrates into local society and benefits the local population. In the future, Chinese enterprises investing and developing in Guinea must fully recognize and enhance the fulfillment of corporate social responsibilities. First, lead by example in green and low-carbon development. Actively participate in the investment and construction of green and low-carbon projects, introduce advanced low-carbon technologies and equipment, improve resource utilization efficiency, reduce carbon emissions, and ensure no pollution incidents, harmonizing project construction with the local ecological environment. Establish an internationally aligned carbon footprint management system from a strategic development perspective, which is not only socially responsible but also a crucial measure to enhance corporate international competitiveness. Second, enhance corporate image and deepen friendly community building. Chinese enterprises have established good development relationships with local communities during bauxite development. We must fully summarize past experiences and continue to deepen friendly community building. By listening to community needs and participating in community development, we can better integrate into the local area and strengthen trust relationships with the community. While providing employment opportunities and local talent development to improve livelihoods, we must also fully consider community welfare and development, which not only enhances corporate image but also ensures the long-term stable operation of our projects locally. Third, form synergies and strengthen government-enterprise communication. Chinese enterprises must establish communication with local governments to gain high-level understanding and support. Central state-owned enterprises and state-owned enterprises should play a leading role, forming a community of shared destiny between state-owned and private enterprises. ➤ V. Fully Understand and Strengthen Unity, Cooperation, and Mutual Benefit Chinese enterprises investing abroad must unite, cooperate, be inclusive, and share benefits. From our survey, some enterprises have further established cooperation channels and methods for information sharing and material assistance. In the future, we must further deepen unity and cooperation for mutual benefit. First, further deepen collaborative sharing. Make more efforts in the standardization and collaborative storage of transportation channels and infrastructure construction such as railways and roads, alumina projects, and materials, equipment, and spare parts, enhancing the shared support capabilities among enterprises in Guinea. This will not only improve individual enterprise operational capabilities and cost efficiency but also maximize the collective interests of Chinese enterprises. Second, further strengthen joint problem-solving. Through regular exchanges and symposiums, identify common challenges encountered in local mining, transportation, and other practical work processes, and resolve them through joint scientific and technological efforts. This can achieve collective wisdom and resource synergy. Third, further avoid overseas "cut-throat competition." "Cut-throat competition" is highly detrimental to the healthy development of the industry. Once it occurs, it is often difficult to self-repair or eliminate, with some repairs taking a long time and others incurring significant costs. Currently, domestic efforts are being made to address industry "cut-throat competition." We must learn from domestic experiences and lessons, effectively avoiding overseas "cut-throat competition" among Chinese enterprises in Guinea, which could weaken their position and bargaining power, resulting in overall interest losses.

【SMM Aluminum Futures Review: SHFE Aluminum Edges Up Amid Tariff Disturbances, Alumina Continues to Bottom Out】On April 2, the most-traded SHFE aluminum 2505 contract edged up 0.1% to close at 20,435 yuan/mt, with an intraday fluctuation of 130 yuan. The open interest of 185,000 lots indicated an intensified tug-of-war between longs and shorts. On the macro front, market risk aversion sentiment heated up due to the US tariff hike policy. However, fundamental support remained: NEV demand remained stable, downstream restocking started before the peak season, and the social inventory of aluminum in three regions continued to drop by 8,200 mt to 654,200 mt, while LME inventory also slightly declined, jointly building a price bottom support. In the short term, aluminum prices may maintain a fluctuating trend, and attention should be paid to the pace of tariff policy implementation and the strength of peak season demand realization. The most-traded alumina 2505 contract, however, plunged 1.77% to close at 2,890 yuan/mt, hitting an intraday low of 2,877 yuan. The trading volume of 203,000 lots reflected a bear-dominated market. The fundamentals continued the "weak supply and demand + high inventory" pattern: on the supply side, metallurgical capacity dropped to 87.3 million mt/year, but the daily surge of 4,192 mt in Xinjiang warrants pushed the total inventory above 300,000 mt; on the demand side, the alumina demand converted from aluminum remained at 84.47 million mt/year, still lower than supply. Aluminum plants continued to destock, and regional price spreads widened to 107 yuan/mt, reinforcing bearish expectations. Coupled with the sharp drop in imported bauxite prices transmitting cost pressure and intensified competition for overseas resources, alumina's short-term weakness is hard to reverse, and attention should be paid to import price spreads and the resumption of aluminum production in Yunnan.

The worldwide shift towards energy sources has sparked a wave of creativity in solar technology that offers promise for a greener and more enduring future ahead of us all. Although the spotlight frequently shines bright upon photovoltaic (PV) cells and solar panels in discussions about power advancements, the true unsung champions contributing to the success of solar energy are the metals like copper, aluminum and nickel that form the backbone of this innovative technology.

According to on-site reports from the 2024 Indonesia Nickel and Cobalt Mining Conference, many countries are beginning to strengthen their efforts in energy transition and economic resilience due to the worsening impact of climate change.

Recently, the State Council issued the "2024-2025 Energy Conservation and Carbon Reduction Action Plan."

Recently, the State Council issued the "2024-2025 Energy Conservation and Carbon Reduction Action Plan."