Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - Guinea's mining minister plans to limit bauxite exports by early April to stabilize prices, but the specific policy is yet to be formulated. The expected reduction in bauxite supply will increase alumina costs. In the short term, the price of alumina is expected to be supported by the supply and demand situation, but in the long term, the expected new production capacity will limit the upside space of alumina prices [2][6] Group 3: Summary by Directory 1. Trading Data - The main alumina futures contract rose by 85 yuan/ton last week, closing at 3041 yuan/ton. The national weighted average price of the alumina spot market on Friday was 2752 yuan/ton, up 54 yuan/ton from the previous week. The inventory of alumina futures warehouse receipts last Friday was 399,000 tons, an increase of 25,143 tons from the previous week, and the factory warehouse inventory was 1,500 tons, unchanged [3][4] 2. Market Review - The domestic bauxite market has limited changes, with slow resumption of mining in the north and tight supply in the south. The import policy of Guinea's bauxite has no impact on the current spot arrival level in China. The supply of alumina has both production increases and decreases, and the overall operating production capacity has decreased slightly. The production of the electrolytic aluminum industry has increased slightly, and the demand for alumina has increased slightly [4] 3. Market Outlook - The expected reduction in bauxite supply will increase alumina costs. The new production capacity of alumina has not yet been put into production, and there is also some production reduction. The overall supply pressure of alumina is not large. In the short term, the price of alumina is expected to be supported by the supply and demand situation, but in the long term, the expected new production capacity will limit the upside space of alumina prices [6] 4. Industry News - In February 2026, China's alumina imports were 181,010 tons, a year-on-year increase of 334.2% and a month-on-month decrease of 30.5%. Exports were 146,430 tons, a year-on-year decrease of 29.4% and a month-on-month decrease of 22.1%. In February 2026, China imported 1,6953 million tons of bauxite, a month-on-month decrease of 11.95% and a year-on-year increase of 17.61%. From January to February 2026, China's cumulative bauxite imports were 3,62058 million tons, a year-on-year increase of 18.23%. In February 2026, China imported 1,39831 million tons of Guinea bauxite, a month-on-month decrease of 3.15% and a year-on-year increase of 30.33%. From January to February 2026, China's cumulative imports of Guinea bauxite were 2,84211 million tons, a year-on-year increase of 21.51%. The 1.2 million-ton alumina project of Guangxi Long'an Hetai New Materials Co., Ltd. will be put into trial production in April. The first-phase 1.2 million-ton alumina production capacity of the Guangxi Fangchenggang alumina project started feeding on March 18, and the product is expected to be produced in mid-to-late April [7] 5. Related Charts - The report provides charts on alumina futures prices, spot prices, spot premiums, inter-period spreads, domestic and imported bauxite prices, caustic soda prices, thermal coal prices, alumina exchange inventories, and alumina cost profits [10][14][16]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report suggests that due to the continuous high freight rates, the change in bauxite export policies, and the adjustment of the supply - demand balance, the alumina price is expected to remain volatile in the short term. In the medium - term, the supply - demand logic will gradually relax. It is recommended to maintain a short - term long position with a regular or light - position low - buying strategy, while closely observing the implementation details of Guinea's policies and changes in new production capacity [4]. 3. Summary by Related Catalogs Latest Dynamics and Reasons - The aluminum market showed relative strength, with the price breaking through the 3,100 yuan/ton mark [2]. Fundamental Situation - **Bauxite**: As of September 18, the freight from Guinea to China has risen to $30.5, a $6 increase compared to August. The price of spot orders has increased by $6 per ton. Guinea's operating mines have a total agreed production capacity of about 3 billion tons per year, and the actual bauxite export volume in 2026 was about 1.8 billion tons, accounting for about 60% of the agreed production and sales. Guinea is implementing a "quota system" for bauxite in April, which may aim to maintain mining profits and accelerate the construction of local alumina plants. There is an expectation of a marginal tightening of bauxite shipments, but the specific impact magnitude depends on further detailed rules [3]. - **Supply**: According to Aladdin data, due to production cuts by large domestic alumina plants, the operating production and sales of alumina have dropped to 93.9 million tons, while the operating capacity of electrolytic aluminum is 4.946 million tons. The balance coefficient between the two is 2.09, and the surplus has narrowed. However, there are still expectations of new production and sales in the supply side at home and abroad from a medium - term perspective [3]. - **Demand**: Recently, there have been production disruptions in electrolytic aluminum plants in the Middle East, leading to a weakening of the overseas demand for alumina. Currently, the alumina import window has opened, which may increase the marginal pressure on supply [3]. Summary and Strategy - In the short term, the alumina price is expected to remain volatile. In the medium - term, the supply - demand logic will gradually relax. It is recommended to maintain a regular or light - position low - buying short - term long position. The implementation details of Guinea's policies and changes in new production capacity need to be further observed [4].

Summary of Guinea Bauxite Market Conference Call Industry Overview - Guinea's bauxite exports account for nearly 100% of the increase in China's imports, with an expected export volume of 183 million tons by 2025, of which China will absorb approximately 150 million tons [1][2] - The Guinean government plans to implement a quota system to control global exports between 165 million and 175 million tons, aiming to stabilize prices at $75 per ton and increase national revenue [1][2] - Shipping costs have risen from $22 to $30, increasing the CIF cost to $72, with long-term contracts for Q2 already locked in above $70, confirming a price uptrend [1][7] Government Policies and Market Dynamics - The Guinean government is considering export restrictions due to falling prices, with bauxite prices dropping from a peak of $130 in 2025 to $60 in February 2026, nearly halving [2][3] - The government aims to stabilize revenue and protect resources, especially as the military government transitions to a legitimate government, providing a stable policy framework [2][4] - The proposed export restrictions may face challenges, as many large mines exceed their planned production, while smaller mines often underperform [4][5] Export Quotas and Market Balance - For 2026, China's demand for Guinean bauxite is projected at 150 million tons. To maintain market balance without excessively raising prices, Guinea should set export levels between 150 million and 160 million tons [6] - If Guinea reduces exports to 140-150 million tons to raise prices, it could impact global supply dynamics, especially as Guinea also exports about 19 million tons to Europe and India [6] Cost Structure and Price Trends - The main cost component in FOB pricing is transportation, with road transport costs around $11 per 100 km. For mines relying on road transport, costs are nearing their limits under current FOB prices [8][9] - The cost of mining in Guinea is relatively low, averaging $4 to $5 per ton, with minimal differences between large and small mining companies [9] - High oil prices could significantly increase mining and transportation costs, but the current oversupply of bauxite may limit the transmission of these costs to alumina prices [11][15] Alumina Market Outlook - The price of alumina is expected to be influenced by the commissioning of new alumina plants in Guangxi, with four new plants expected to start production between March and June 2026 [12][13] - Despite potential short-term price increases due to supply constraints, significant long-term price hikes are unlikely due to existing oversupply issues [11][12] Challenges in Downstream Development - Guinea faces significant challenges in developing its alumina industry, including a lack of key raw materials, insufficient power supply, and weak infrastructure [19] - The government aims to build five alumina plants by 2030, but the lack of supporting conditions has hindered progress [5][19] Global Supply Risks and Resource Nationalism - Other bauxite-exporting countries may adopt similar policies to control exports and stabilize prices, reflecting a trend of resource nationalism [20] - Rising oil prices pose risks to supply in other countries, but Guinea's situation is particularly vulnerable due to its reliance on imported oil and recent supply disruptions [20] Domestic Bauxite Production Outlook - Domestic bauxite production in China is unlikely to see significant growth, with a total capacity of 700 million tons and production levels around 65-70 million tons [21] - The declining quality of domestic bauxite is a global issue, impacting effective production yields [21] Conclusion - The Guinean bauxite market is at a critical juncture, with government policies aimed at stabilizing prices and increasing revenue amid fluctuating global demand and supply dynamics. The interplay between domestic production challenges and international market conditions will be crucial in shaping the future of the industry.

Group 1 - The core viewpoint of the articles indicates a downward trend in aluminum oxide futures, with the main contract for March 2605 dropping by 3.65% to 2744 yuan, reflecting a significant market shift [1] - The trading volume for aluminum oxide contracts increased by 23.37% to 616,871 lots, while open interest rose by 9.11% to 524,998 lots, indicating heightened market activity despite price declines [1] - Domestic spot prices for aluminum oxide showed mixed results, with some regions experiencing price stability while others saw slight increases or decreases, reflecting regional market dynamics [1] Group 2 - The fundamental analysis highlights that logistics disruptions during the Spring Festival led to significant inventory buildup in factories, but post-holiday logistics recovery has allowed for improved shipments and inventory reduction [2] - As of February 26, China's social inventory of aluminum oxide reached 5.685 million tons, an increase of 31,000 tons from the previous week, continuing to exert downward pressure on prices [2] - Despite some production cuts in aluminum oxide plants, the overall supply surplus remains, with total inventory continuing to accumulate, indicating persistent price pressures in the market [2]

1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The current supply - demand of the alumina market is in a delicate balance, with the AO/AL capacity ratio falling to the 2.0 range. In the short - term, there is no obvious contradiction, but the market is highly focused on a large northern factory, and the futures price will be disturbed by non - standard news. It is recommended to wait and see in the short - term, and consider lightly laying out long positions at low levels as a band strategy, paying attention to taking profits in time. - Under the assumption of no large - scale concentrated resumption of production in the industry in March, the spot price is expected to gradually stabilize and rise slightly. However, the long - term oversupply situation in the alumina industry remains unchanged. The short - term price may be supported by the tightening of spot liquidity, but the space to boost prices through large - scale production cuts is increasingly limited. The long - term strategy is to sell short on rallies, while short - term opportunities to lay out long positions at low prices can be noted [4][16]. 3. Summary by Relevant Catalogs Supply Side - The first batch of industry production cuts started from integrated factories. The inventory of a large northern factory is sufficient, and pre - holiday trader pick - up is normal, but the resumption time of specific production lines is yet to be determined. Some alumina plant startups have been postponed, with the earliest expected start from late February to early March [4]. - In the long - term, all new startups in Guangxi in the first quarter have been postponed. For example, Fangchenggang Zhongsilu is expected to start production at the end of February and the beginning of March, and Long'an Hetai New Materials' startup has been postponed. In the short - term, enterprises are gradually resuming maintenance, and there is still an expectation of capacity recovery [4][6]. - As of last Friday, the weekly alumina output was 1.814 million tons, a week - on - week decrease of 16,000 tons or 0.87%. The operating capacity was 94.25 million tons, a week - on - week decrease of 800,000 tons mainly due to the maintenance of a large factory [12][13]. Demand Side - In the electrolytic aluminum sector, Liaoning Xiangyu Aluminum Industry (formerly Zhongwang) is expected to resume about 300,000 tons of idle capacity in mid - March and has started purchasing alumina raw materials. In the non - aluminum sector, due to environmental protection and other reasons for seasonal production cuts, alumina procurement has basically been completed [4]. Import and Export - Due to the stalemate in domestic spot prices, it is expected that China's alumina will remain in a net - import state in January. Since October, the domestic alumina market has returned to a net - import situation. The current import profit and loss is negative, at - 55.56 yuan/ton [4][41]. Inventory - As of last Thursday, the total alumina inventory (the sum of in - factory, in - transit, raw material, and port inventories) was 5.193 million tons, a week - on - week increase of 79,000 tons. Alumina in - factory inventory increased by 23,000 tons week - on - week, accumulating for 9 consecutive weeks, and electrolytic aluminum plant raw material inventory increased by 13,000 tons week - on - week, accumulating for 23 consecutive weeks. All three types of inventories are at the highest level in the same period in the past 5 years [35]. Spot - Recently, spot prices have been firm and even increased slightly. The reasons are that as the Spring Festival approaches, traders have gradually taken holidays, reducing the number of participants in market tenders, and freight rates have risen. Although the spot is still in a surplus state, short - term liquidity tightening has led to a stalemate in prices [4]. Monthly Balance Sheet - **Scenario 1**: If new capacities are put into production as planned in March, industry production cuts are not restored until April, and a northern factory shuts down one production line, the fundamentals in March are relatively strong. - **Scenario 2**: If new capacities are put into production as planned in March, industry production cuts are not restored until April, and a northern factory resumes capacity operation, industry production cuts may still expand. Overall, under the assumption of no large - scale concentrated resumption of production in March, the spot price is expected to gradually stabilize and rise slightly [15][16]. Domestic and Overseas Spot - Domestic alumina spot transactions have stabilized before the Spring Festival due to the decreased participation of traders. The firm domestic price has attracted overseas spot for delivery. For example, some overseas alumina has been shipped to China for delivery [19][20]. Ore Price and Cost - As of this Monday, the average CIF price of Guinea bauxite was $60.5/ton, a week - on - week decrease of $0.5/ton, and the average CIF price of Australian imported ore was $59.5/ton, also a week - on - week decrease of $0.5/ton. Currently, the price negotiation of Guinea bauxite has dropped below $62/ton, and there is still room for the price to fall in the short term [26].

Group 1 - The core viewpoint of the news is that the aluminum oxide market is experiencing a short-term price increase due to various factors, but the long-term outlook remains weak due to overcapacity and declining costs [1][2]. - On February 6, the main aluminum oxide futures contract (2605) closed at 2824 yuan, up 34 yuan, with a 1.22% increase. The total trading volume for six contracts reached 1,203,647 lots, an increase of 726,744 lots or 152.39% compared to the previous trading day [1]. - Domestic aluminum oxide spot prices remained stable across various regions, with prices in South China reported between 2680-2730 yuan per ton, East China between 2600-2640 yuan, Southwest between 2715-2755 yuan, and Northwest between 2870-2910 yuan, all unchanged from the previous day [1]. Group 2 - The short-term fluctuations in aluminum oxide prices are influenced by multiple factors, including a recent price increase in northern procurement by Xinjiang aluminum plants and a temporary production halt at a plant in Guizhou, affecting approximately 1 million tons of capacity [2]. - The current market sentiment is characterized by increased trading activity as downstream buyers are replenishing stocks ahead of the weekend, which has led to a temporary rise in prices [2]. - Despite the recent price increase, the overall trend for aluminum oxide remains bearish in the medium to long term, with ongoing overcapacity issues and potential pressure from warehouse receipts [2].

Group 1 - The core viewpoint of the articles indicates that the aluminum oxide market is experiencing fluctuations, with the main contract showing a slight increase in price while the trading volume has decreased significantly [1][2] - As of February 4, the main aluminum oxide contract closed at 2824 yuan, up by 14 yuan, reflecting a 0.50% increase, while the total trading volume decreased by 42.84% to 451,663 contracts [1] - Domestic aluminum oxide spot prices remained stable across various regions, with prices in South China reported between 2680-2730 yuan per ton, East China between 2600-2640 yuan, Southwest between 2715-2755 yuan, and Northwest between 2870-2910 yuan, all unchanged from the previous day [1] Group 2 - On the fundamental side, previous production cuts have been in effect for a week, leading to a reduced rate of inventory accumulation, although warehouse stock increased by 7,199 tons to 189,000 tons, which may limit the rebound potential of aluminum oxide futures prices [2] - The trading atmosphere in the spot market has turned dull, with cautious buying from downstream sectors due to high prices, and some companies entering holiday mode, resulting in decreased replenishment demand [2] - It is anticipated that production cuts during the Spring Festival will provide some support for aluminum oxide prices, but post-holiday, new production capacity and cost pressures may lead to significant resistance against price rebounds, with expectations of low-level fluctuations prevailing [2]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - After a small amount of maintenance is implemented, the operating capacity of alumina decreases, and the market supply pressure eases slightly. As the Spring Festival holiday approaches, some enterprises may carry out maintenance, which will help alumina stabilize and rebound. However, the import window is still open, the ore price continues to decline, and the cost support weakens. The upside of the alumina rebound is expected to be limited. Attention should be paid to the implementation of maintenance [2][6]. 3. Summary by Relevant Catalogs Transaction Data - Alumina futures (active): The price rose from 2,672 yuan/ton on January 21, 2026, to 2,768 yuan/ton on January 30, 2026, an increase of 96 yuan/ton [3]. - Domestic alumina spot: The price dropped from 2,657 yuan/ton to 2,646 yuan/ton, a decrease of 11 yuan/ton [3]. - Spot premium: It decreased from 120 yuan/ton to 66 yuan/ton, a decrease of 54 yuan/ton [3]. - Australian alumina FOB: The price rose from 304 US dollars/ton to 306 US dollars/ton, an increase of 2 US dollars/ton [3]. - Import profit and loss: It decreased from -25.41 yuan/ton to -44.41 yuan/ton, a decrease of 19 yuan/ton [3]. - Exchange inventory: The warehouse inventory increased from 119,128 tons to 171,104 tons, an increase of 51,976 tons; the factory warehouse inventory remained at 0 tons [3]. - Bauxite: The prices of bauxite in Shanxi, Henan, Guangxi, Guizhou, and Guinea all decreased to varying degrees [3]. Market Review - Alumina futures: The main contract rose 1.62% last week, closing at 2,768 yuan/ton [4]. - Alumina spot: The national weighted average price on Friday was 2,646 yuan/ton, a decrease of 11 yuan/ton from the previous week [4]. - Bauxite: In the domestic market, the production of bauxite in the northern region has recovered, the supply is sufficient, and the price is under pressure to decline; the production in the southern region has not changed significantly. In the overseas market, the trading is light, and a large mining enterprise in Guinea has lowered the long - term contract price for the first quarter [4]. - Supply: The total built - in production capacity of metallurgical alumina in the country is 110.32 million tons/year, and the total operating capacity is 85.29 million tons/year, a decrease of 2 million tons from the previous week. The weekly operating rate of domestic alumina plants decreased by 1.66 percentage points to 77.31% [4]. - Consumption: The electrolytic aluminum enterprises in Xinjiang and Inner Mongolia continued to release new production capacity, the operating capacity increased compared with the previous week, and the theoretical demand for alumina increased slightly [4]. - Inventory: The alumina futures warrant inventory on Friday was 171,000 tons, an increase of 14,000 tons during the week; the factory warehouse inventory was 0 tons, unchanged [4]. Market Outlook - Ore end: The supply of domestic and imported ores has remained sufficient recently. A large mine in Guinea has lowered its long - term contract price for the first quarter, and there is downward pressure on ore prices in the future [2][6]. - Supply end: Some alumina plants have started maintenance, and enterprises in many places have reduced their operating capacities to varying degrees, but the overall reduction is limited, and the supply is still relatively loose [2][6]. - Consumption end: The consumption is mainly based on the implementation of long - term contracts as needed, with little change [2][6]. - Inventory: The alumina warrant inventory is 171,000 tons, an increase of 14,000 tons during the week [2][6]. Industry News - On January 27, 2026, workers at a Chinese - owned mining company in the Boké region of Guinea's bauxite mining area launched an indefinite strike. However, the port inventory of bauxite in this mining area is sufficient, and the current strike has little impact on the overall shipment in Guinea [7]. - The European aluminum industry is facing difficulties. Due to the successive closures of smelters, China's export controls on key minerals, and the implementation of the EU's carbon border adjustment tax, the region is facing a serious aluminum supply problem [7].

Group 1 - Recent alumina futures prices have rebounded after falling to last December's low, with a significant increase of 3.27% in the main contract [1] - China's bauxite imports reached 146.7 million tons in December 2025, with a total annual import of 201 million tons, marking a year-on-year increase of 26.72% [1] - Guinea's bauxite production has resumed after a suspension, with the first batch expected to be shipped in January, providing crucial support for future bauxite supply [1] Group 2 - Domestic bauxite prices have remained stable, with prices in various regions reported as follows: Shanxi at 570-600 RMB/ton, Henan at 530-570 RMB/ton, Guizhou at 400-450 RMB/ton, and Guangxi at 320-335 RMB/ton [2] - The market experienced unexpected results with two bauxite exploration rights in Shanxi failing to sell, despite the province's successful transactions totaling over 20 billion RMB in 2025 [2] Group 3 - Domestic alumina plants are undergoing frequent maintenance due to operational pressures and pollution concerns, but the impact on production is limited [3] - As of January 22, the total production capacity for metallurgical-grade alumina is 110.32 million tons/year, with an operating capacity of 87.12 million tons/year, resulting in a utilization rate of 79.97% [3] - The industry is currently facing losses, with an average weekly cost of 2,897 RMB/ton and an average weekly profit of -246 RMB/ton, although the situation has improved compared to the peak losses in April and May 2025 [3]

1. Report's Industry Investment Rating - No information provided in the given content. 2. Core Viewpoints of the Report - Domestic partial alumina enterprises are conducting maintenance, and the news of production cuts at an Australian alumina plant helps the alumina price stop falling. However, overseas disturbance news has limited impact on current production, and there is still 6 million tons of new production capacity to be put into operation overseas this year, so the actual impact on the supply increase this year is limited. The current maintenance capacity in China cannot support the reversal of the supply - demand situation. It is expected that the price will stop falling, stabilize, and fluctuate in the short term, and the subsequent rebound of alumina still needs to see more production cuts [2][6]. 3. Summary According to the Table of Contents 3.1 Transaction Data - From January 14th to January 23rd, 2026, the alumina futures (active) dropped from 2800 yuan/ton to 2724 yuan/ton, a decrease of 76 yuan/ton; the domestic alumina spot decreased from 2681 yuan/ton to 2657 yuan/ton, a decrease of 24 yuan/ton; the spot premium decreased from 138 yuan/ton to 80 yuan/ton, a decrease of 58 yuan/ton. The Australian alumina FOB decreased from 309 US dollars/ton to 304 US dollars/ton, a decrease of 5 US dollars/ton; the import profit and loss increased from - 47.37 yuan/ton to - 22.79 yuan/ton, an increase of 24.6 yuan/ton. The exchange warehouse inventory decreased from 170,779 tons to 138,697 tons, a decrease of 32,082 tons, and the exchange factory warehouse remained at 0 tons [3]. 3.2 Market Review - The main alumina futures contract dropped 0.98% last week, closing at 2724 yuan/ton. The national weighted - average price of the spot market on Friday was 2657 yuan/ton, a decrease of 24 yuan/ton from the previous week. In terms of bauxite, some domestic northern mines had phased production cuts due to weather, while the southern supply was stable, and the domestic bauxite price remained stable. The arrival volume of Chinese bauxite on January 9th was 3.5409 million tons, a decrease of 501,400 tons from the previous week, with an overall abundant import and pressured prices. On the supply side, the total built - in production capacity of national metallurgical - grade alumina was 110.32 million tons/year, and the total operating production capacity was 87.12 million tons/year. The national weekly alumina operating rate decreased by 1.85 percentage points to 79.97% compared with the previous week, with domestic alumina plants operating at a high level. On the consumption side, electrolytic aluminum enterprises in Xinjiang and Inner Mongolia continued to release newly - put - into - operation production capacity, with an increase in operating production capacity compared with the previous week, and the theoretical demand for alumina increased slightly. In terms of inventory, the alumina futures warrant inventory was 139,000 tons last Friday, a decrease of 38,105 tons during the week, and the factory warehouse remained at 0 tons [4]. 3.3 Market Outlook - A gold mine in Siguiri Province, about 800 kilometers northeast of Conakry, the capital of Guinea, collapsed, causing at least 6 deaths. The incident occurred in the Doko area, which is a manual gold - mining area with no bauxite mines, and the straight - line distance to the nearest main bauxite - mining area is about 520 kilometers, having no impact on bauxite production and shipping for the time being. Imported bauxite is abundant with light trading, and prices are under pressure. Domestic bauxite remains in a tight situation with fluctuating prices. On the supply side, there have been small - scale maintenance in Shanxi, Henan, Guangxi and other places in China, and the operating production capacity has decreased compared with the previous period, but the operating production capacity after maintenance is still theoretically in excess. Rio Tinto Group said it will cut the output of its Yarwun alumina refinery in Australia by 40% starting from October 2026, involving a production capacity of 1.2 million tons. The production capacity of downstream electrolytic aluminum enterprises has increased slightly, and procurement still mainly follows long - term contracts. The alumina warrant inventory was 139,000 tons, a decrease of 38,105 tons during the week [2][6]. 3.4 Industry News - In December 2025, China imported 227,800 tons of alumina, a month - on - month decrease of 1.98% and a year - on - year increase of 1388.89%; exported 205,900 tons of alumina, a month - on - month increase of 22.56% and a year - on - year increase of 9.35%; the net import volume of alumina was 21,900 tons, a month - on - month decrease of 65.99% and a year - on - year decrease of 112.66%. From January to December 2025, the cumulative import was 1.1981 million tons, a year - on - year decrease of 15.62%; the cumulative export was 2.5492 million tons, a year - on - year increase of 42.76%; the cumulative net export volume of Chinese alumina was 1.3511 million tons, a year - on - year increase of 269.48%. The total import volume of Chinese bauxite in December was 14.67 million tons, a month - on - month decrease of 2.9% and a year - on - year decrease of 2.0%. As of December, the cumulative import volume this year reached 201.19 million tons, a year - on - year increase of 26.4%. The cumulative consumption of imported ore by Chinese alumina enterprises as of December was about 155.77 million tons, and the current imported bauxite market is in a state of oversupply. Two alumina enterprises in Guangxi started maintenance this weekend. Enterprise A plans to start roasting maintenance on January 24th, which is expected to end in 14 days, affecting about 40,000 tons of production during this period. Enterprise B plans to start roasting maintenance on January 25th, which is expected to end in 10 - 12 days, with a halved production during this period and a daily output reduced to about 2800 tons. A certain alumina enterprise in Henan stopped all roasting production lines for maintenance this morning and is currently only producing aluminum hydroxide. Before the shutdown, only one production line was in operation due to environmental control. It is expected that one production line will resume operation in about 10 days, and the downstream delivery will not be affected during the maintenance period [7]. 3.5 Related Charts - The report provides charts on alumina futures price trends, alumina spot prices, alumina spot premiums, alumina month - to - first - continuous spread, domestic bauxite prices, imported bauxite CIF, caustic soda prices, thermal coal prices, alumina exchange inventory, and alumina cost - profit [9][10][13][15][18][21][24].