安泰科：9月中国电解铝行业呈现“成本下降，利润增长”态势

Core Insights - The Chinese electrolytic aluminum industry is expected to experience a trend of "cost reduction and profit growth" by September 2025 [1] Cost Analysis - The weighted average total cost of electrolytic aluminum (including tax) in September was 16,262 yuan/ton, a decrease of 103 yuan/ton or 0.6% month-on-month, and a decrease of 1,080 yuan/ton or 6.2% year-on-year [1] - Despite increases in electricity and anode costs, the decline in alumina prices had a more significant impact, leading to an overall reduction in costs [1] - The average spot price of alumina during the procurement period in September was 3,138 yuan/ton, down 134 yuan/ton or 4.1% month-on-month [1] Electricity and Anode Pricing - The comprehensive tax-inclusive electricity price for the electrolytic aluminum industry was 0.388 yuan/kWh, an increase of 0.006 yuan/kWh month-on-month due to rising coal prices [1] - The average price of prebaked anodes rose above 5,000 yuan/ton in September, driven by increased raw material costs and strong export demand [1] Profitability - The average price of electrolytic aluminum in September reached 20,789 yuan/ton, an increase of 99 yuan/ton month-on-month [1] - The estimated average profit for the month was 4,527 yuan/ton, an increase of 202 yuan/ton month-on-month, with a sales profit margin of 21.8%, indicating sustained profitability across the industry [1]