安泰科：2025年12月国内氧化铝行业亏损面扩大

Group 1 - The current domestic aluminum oxide production capacity is 55% in a loss state, with losses exceeding 200 yuan/ton due to high costs [1] - As of December 2025, the weighted average fully loaded cost of domestic aluminum oxide is projected to be 2797 yuan/ton, a decrease of 73 yuan/ton month-on-month and 297 yuan/ton year-on-year [1] - The spot price of aluminum oxide has decreased to 2776 yuan/ton, down 93 yuan or 3.2% month-on-month, leading to an expanded average loss of 21 yuan/ton in December, an increase of 20 yuan/ton from the previous month [1] Group 2 - In December, the prices of the three main raw materials for aluminum oxide production showed an overall downward trend, contributing to a decrease in production costs [2] - The cost of domestic bauxite and imported bauxite decreased slightly due to the continuous decline in aluminum oxide prices, resulting in a reduction of 4 yuan/ton in overall mining costs for aluminum oxide companies [2] - The price of liquid caustic soda decreased by 18 yuan/ton due to sufficient supply and the decline in aluminum oxide prices, while energy costs for aluminum oxide production fell by 43 yuan/ton due to weak demand and ample supply of thermal coal [2]