安泰科：8月氧化铝行业平均利润创今年2月以来最高

Core Viewpoint - The report from Antaike indicates that the domestic alumina weighted average full cost (including tax) is projected to be 2889 RMB/ton in August 2025, reflecting a slight decrease of 3 RMB/ton month-on-month and an increase of 6 RMB/ton year-on-year [1] Industry Summary - In August, the spot price of alumina rose to 3263 RMB/ton, marking an increase of 68 RMB or 2.1% compared to the previous month [1] - The average profit in the alumina industry reached 374 RMB/ton in August, the highest level since February of this year [1] - Domestic alumina production capacity in August was 94.6 million tons per year, with an operating rate of 83.1%, up by 0.6 percentage points month-on-month [1] Raw Material Price Analysis - In August, the prices of the three main raw materials for alumina production showed mixed trends: bauxite prices slightly decreased, caustic soda prices remained stable, and energy prices increased slightly, leading to a slight reduction in alumina production costs [1] - Domestic bauxite prices remained stable in August, while imported bauxite prices saw a slight decline, resulting in a decrease of 32 RMB/ton in the ore cost for alumina production [1] - The liquid caustic soda market had sufficient supply in August, with increased downstream demand, keeping the caustic soda prices stable and maintaining the production cost for alumina [1] - In August, the price of thermal coal continued to rise due to high temperatures and declining inventories, which increased the energy cost for alumina production by 28 RMB/ton [1]