顺达筹备复产事宜，氧化铝供应总体稳定

Group 1: Report Industry Investment Rating - The investment rating for the alumina industry is "Oscillation" [1] Group 2: Core Viewpoints of the Report - The alumina supply is generally stable as Shunda is preparing for复产, but the spot price of alumina declined last week. The domestic alumina market is slightly oversupplied, and the futures price is expected to show an oscillatory and weak trend [1][2][14] Group 3: Summary by Directory 1. Alumina Industry Chain Weekly Overview - Raw Materials: Domestic ore prices remained stable last week. The transportation restrictions in northern regions due to the parade and the seasonal constraints in the south supported the ore prices. The impact of mine shutdowns and the rainy season in Guinea on the spot market is gradually emerging. Shunda is preparing for复产, and 4.054 million tons of new ore arrived during the period [1][11] - Alumina: The spot price of alumina decreased last week. The trading atmosphere was light, and the import window was not fully opened. The industry profit is acceptable, leading to an increased willingness of enterprises to operate at full capacity. The operating capacity of alumina decreased by 250,000 tons compared to last week, with an operating rate of 83.5% [2][12] - Demand: The domestic demand for alumina increased, with the operating capacity of some electrolytic aluminum enterprises rising. The overseas demand remained unchanged [13] - Inventory: The national alumina inventory increased by 48,000 tons compared to last week. The inventory of electrolytic aluminum enterprises was more stable, while the inventory of some local alumina enterprises increased [13] - Warehouse Receipts: The registered warehouse receipts of alumina on the SHFE increased by 26,075 tons compared to last week. The domestic futures price continued to show a weak trend [14] 2. Summary of Key Event News in the Industry Chain during the Week - 30,000 tons of alumina were traded overseas on August 21, with the destination being Malaysia, and the CIF price was $386 per ton [15] - In July 2025, China's net export of alumina reached 104,000 tons, and the cumulative net export from January to July was 1.179 million tons [15] - In July, China's single - month import volume of bauxite reached 20.063 million tons, a year - on - year increase of 33.75% [15] 3. Monitoring of Key Data in the Upstream and Downstream of the Industry Chain 3.1 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 [16][19][22] 3.2 Alumina Price and Supply - Demand Balance - It covers the spot prices of alumina in various domestic provinces, the import price of alumina, the spot price of domestic electrolytic aluminum, the futures price ratio of electrolytic aluminum to alumina on the SHFE, and the weekly supply - demand balance of domestic alumina [35][37][40] 3.3 Alumina Inventory and Warehouse Receipts - The data involves the alumina inventory of electrolytic aluminum plants, alumina plants, domestic alumina yards/stations/in - transit inventory, port inventory, total social inventory, and the warehouse receipt volume and open interest of alumina on the SHFE [46][49][54]