晋豫氧化铝厂陷入全面亏损，市场整体供应仍偏宽松

Group 1: Report Industry Investment Rating - The investment rating for the alumina industry is "Oscillation" [1] Group 2: Core View of the Report - The alumina spot price continued to decline last week, with enterprises in Shanxi and Henan in full - scale losses and some in Shandong on the verge of cash - flow losses. The domestic alumina export window is closed, and overseas supply pressure will increase further. Although the supply side has some reduction due to losses, new capacity is being released rapidly. The alumina market is still under supply - demand pressure, but the price valuation is not high, and the futures price may gradually enter the bottom - grinding stage [3][13][15] Group 3: Summary by Directory 1. Alumina Industry Chain Weekly Overview - Raw Materials: Domestic ore prices decreased last week. After the Two Sessions, the mine resource integration policy deepened, and some mines were shut down. Imported bauxite from Guinea maintained high - volume shipments. Newly arrived ore was 448.6 million tons, including 341.8 million tons from Guinea and 89.4 million tons from Australia [12] - Alumina: The spot price continued to fall. Shanxi, Henan, and some Shandong enterprises faced losses. The domestic alumina export window closed. Some enterprises in the Jin - Yu region entered the cash - cost loss stage, with some planning maintenance or reducing production. New capacity was put into operation in some regions. The national alumina production capacity was 10922 million tons, with 9130 million tons in operation, a decrease of 160 million tons from last week, and the operating rate was 83.6% [13] - Demand: Domestically, some electrolytic aluminum plants increased production, with the domestic operating capacity increasing by 7 million tons to 4384.8 million tons. Overseas demand remained unchanged, with the operating capacity at 2935.8 million tons [14] - Inventory: As of March 27, the national alumina inventory was 337 million tons, an increase of 0.2 million tons from last week. Electrolytic aluminum enterprises generally reduced inventory days, and alumina enterprise inventory increased [14] - Warehouse Receipts: The registered warehouse receipts of alumina on the SHFE were 309097 tons, an increase of 20426 tons from last week [15] 2. Summary of Key Events in the Industry Chain during the Week - 0.3 million tons of alumina were traded in the Guizhou market at an ex - factory price of 3100 yuan/ton, flowing to the Sichuan - Chongqing region - 0.5 million tons of alumina from the Guangxi market were purchased by Yunnan aluminum plants at a delivered price of 3100 yuan/ton - 3 million tons of alumina were traded in East Australia at an FOB price of 375 US dollars/ton [16] 3. Monitoring of Key Data in the Upstream and Downstream of the Industry Chain - Raw Materials and Cost Side: The data includes domestic and imported bauxite prices, domestic bauxite port inventory, shipping volume from major bauxite - importing countries, sea - floating inventory, domestic caustic soda and thermal coal price trends, and alumina production costs in various provinces [17][19][25] - Alumina Price and Supply - Demand Balance: The data shows domestic and imported alumina prices, domestic electrolytic aluminum spot prices, the futures price ratio of electrolytic aluminum to alumina on the SHFE, and the weekly supply - demand balance of domestic alumina [31][33][39] - Alumina Inventory and Warehouse Receipts: The data covers the alumina inventory of electrolytic aluminum plants, alumina plants, domestic alumina yards/platforms/in - transit inventory, port inventory, total social inventory, and the quantity of alumina warehouse receipts and positions on the SHFE [42][45][50]