专题报告 2025-10-10 氧化铝：海外主要生产国供应端分析 吴坤金 有色研究员 从业资格号：F3036210 交易咨询号：Z0015924 0755-23375135 wukj1@wkqh.cn 王梓铧 有色研究员 从业资格号：F03130785 0755-23375132 wangzh7@wkqh.cn 报告要点： 核心观点：海外供应增长趋势难改，进口窗口打开加剧国内过剩局面 2025 年以来海外氧化铝产量持续放量，增量主要来自印度和印尼，澳大利亚产量基本持平； 印度前九月产量同比大幅增长，增量源于 Vedanta 冶炼厂放量；印尼是最大增量地区，前九 月产量同比增幅显著，今年已有 Mempawah、锦江集团、南山铝业的多条 100 万吨产能投产， 年内产量仍有增长空间。展望未来，虽 2025 年新增装置已投产，但 2026-2027 年印度、印尼 仍有较大增量，在供应端因亏损大规模减产前，海外氧化铝产量增加趋势预计维持。 海外价格迅速走低驱使国内进口窗口于 9 月初打开，截止 10 月 9 日，国内氧化铝进口盈 亏录得 58 元/吨，进口量的增加预计将进一步加剧国内供应过剩局面。在出现因亏损大面积减 ...

Report Industry Investment Rating - The investment rating for the alumina industry is "Oscillating" [1] Core Viewpoints - The alumina supply continues to rise, and the import window further expands. The domestic alumina supply surplus is increasing due to the release of复产 and new production capacity, and the overseas alumina supply surplus is also growing. The import window has opened, putting pressure on domestic prices. The futures price is expected to show an oscillating and weakening trend. It is recommended to adopt a strategy of shorting on rallies [15] Summary by Directory 1. Alumina Industry Chain Weekly Overview - **Raw Materials**: Domestic ore prices remained stable last week. In the north, safety and environmental protection rectification in Shanxi continued, and safety controls tightened in Henan and Shanxi near the National Day. In the south, the rainy season in Guangxi affected mining but not downstream production. The spot price of Guinean bauxite decreased, and the long - term agreement price for the fourth quarter is undetermined. Newly arrived ore was 359.9 million tons, including 282.3 million tons from Guinea and 77.6 million tons from Australia. The shipping freight from Guinea to China increased [2][12] - **Alumina**: The spot price of alumina decreased last week. The futures rebounded in the middle of the week, and trading volume increased. The import profit expanded. The domestic alumina full - cost was 2900 yuan/ton, and the real - time profit was 177 yuan/ton. The national alumina production capacity in operation increased by 40 million tons to 9795 million tons, with an operating rate of 85.15% [3][13] - **Demand**: Domestically, the operating capacity of Yunnan Honghe New Materials Co., Ltd. increased by 4 million tons. The domestic electrolytic aluminum operating capacity increased by 4 million tons. Overseas demand remained unchanged [14] - **Inventory**: The national alumina inventory increased by 3.9 million tons to 371.9 million tons. The inventory of electrolytic aluminum enterprises generally increased, with regional differences. Alumina enterprise inventory slightly increased, port inventory fluctuated, and in - transit/in - warehouse/on - platform inventory continued to rise [14] - **Warehouse Receipts**: The registered warehouse receipts of alumina on the Shanghai Futures Exchange increased by 17703 tons to 150393 tons [15] 2. Weekly Key Event News Summary in the Industry Chain - In August 2025, the import of alumina was 9.4 million tons, a month - on - month decrease of 25.4% and a year - on - year increase of 1392%. The export was 18 million tons, a month - on - month decrease of 21.4% and a year - on - year increase of 25.6%. From January to August 2025, the cumulative net export was 126.5 million tons [16] - On September 19, 2025, Brazil sold 3 million tons of alumina at an FOB price of 351 US dollars/ton for November shipment [16] - On September 19, 2025, India sold 3 million tons of alumina at an FOB price of 336 US dollars/ton for December shipment, 4.93 US dollars/ton higher than the previous deal [16] 3. Key Data Monitoring of the Upstream and Downstream of the Industry Chain - **Raw Materials and Cost**: The section includes data on domestic and imported bauxite prices, bauxite port inventory, shipping volume from major bauxite - exporting countries, and prices of caustic soda and thermal coal [17][19][21] - **Alumina Price and Supply - Demand Balance**: It covers domestic and imported alumina prices, domestic electrolytic aluminum spot price, the futures price ratio of electrolytic aluminum to alumina on the Shanghai Futures Exchange, and the weekly supply - demand balance of alumina [34][37][39] - **Alumina Inventory and Warehouse Receipts**: This part contains data on electrolytic aluminum plant alumina inventory, alumina plant inventory, domestic alumina yard/platform/in - transit inventory, port inventory, total social inventory, and warehouse receipts and positions of alumina on the Shanghai Futures Exchange [45][48][51]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The alumina market remains weak due to supply pressure. Although the procurement activity of electrolytic aluminum enterprises has increased, the downstream buyers are pressing down prices severely due to the oversupply of alumina, and the consumption increment is limited. The warehouse receipt inventory continues to rise, adding pressure to the market. Attention should be paid to the cost support of alumina [2][7]. 3. Summary According to Relevant Catalogs Transaction Data | Category | 2025/9/5 | 2025/9/12 | Change | Unit | | --- | --- | --- | --- | --- | | Alumina Futures (Active) | 3006 | 2914 | -92 | Yuan/ton | | Domestic Alumina Spot | 3166 | 3099 | -67 | Yuan/ton | | Spot Premium | 202 | 224 | 22 | Yuan/ton | | Australian Alumina FOB | 355 | 333 | -22 | US dollars/ton | | Import Profit and Loss | -1.30 | 123 | 124.3 | Yuan/ton | | Exchange Warehouse Inventory | 112306 | 138692 | 26386 | Tons | | Exchange Factory Warehouse | 0 | 0 | 0 | Tons | | Bauxite (Shanxi, 6.0≤Al/Si<7.0) | 600 | 600 | 0 | Yuan/ton | | Bauxite (Henan, 6.0≤Al/Si<7.0) | 610 | 610 | 0 | Yuan/ton | | Bauxite (Guangxi, 6.5≤Al/Si<7.5) | 460 | 460 | 0 | Yuan/ton | | Bauxite (Guizhou, 6.5≤Al/Si<7.5) | 510 | 510 | 0 | Yuan/ton | | Guinea CIF | 74.5 | 74.5 | 0 | US dollars/ton | [3] Market Review - Alumina futures' main contract fell 3.06% last week, closing at 2914 yuan/ton. The national weighted average price of the spot market was reported at 3099 yuan/ton on Friday, a decrease of -67 yuan/ton from the previous week [5]. - In the bauxite market, the overall supply of domestic ores remains severe. The regular inspections and the slow resumption of closed mines have kept the operating rate of inland mines low, with limited spot circulation in the market, which supports the price. The inventory of imported ores at Chinese ports has started to decline, but the overall supply of imported ores in China is still slightly excessive. Enterprises will continue to make purchases based on rigid demand in the short term, and the differences in price views between supply and demand sides will lead to continued price competition in the market [5]. - On the supply side, alumina supply increased slightly. Some alumina enterprises in the north that were affected by environmental protection measures and reduced production have slightly increased production this week. As of September 11, China's alumina production capacity was 114.8 million tons, the operating capacity was 95.7 million tons, and the operating rate was 83.36% [5]. - On the consumption side, last week, the electrolytic aluminum production capacity in Shandong was transferred to Yunnan, while other electrolytic aluminum enterprises maintained stable production. Overall, the operating rate of the electrolytic aluminum industry remained stable compared with the previous week, and the demand for alumina did not change significantly [5]. - In terms of inventory, the warehouse receipt inventory of alumina futures increased by 11,000 tons last Friday, reaching 139,000 tons, while the factory warehouse inventory remained at 0 tons [2][5][7]. Market Outlook - The Chinese bauxite market showed no significant changes last week. The interaction of multiple bullish and bearish factors led to no substantial adjustment in prices. On the supply side, some previously shut - down production capacities resumed operation last week, resulting in a slight increase in operating capacity. On the consumption side, the procurement activity of electrolytic aluminum enterprises increased significantly compared with the previous period. However, due to the oversupply of alumina, downstream buyers are pressing down prices severely, and the procurement is mainly for rigid demand replenishment, with limited consumption increment. The warehouse receipt inventory continued to increase by 11,000 tons during the week, reaching 139,000 tons, while the factory warehouse inventory remained at 0 tons. Overall, the operating capacity of alumina remains at a high level, and considering the current weighted average cost of alumina, there is still some profit. It is expected that the operating capacity of alumina will remain high in the future. The consumption side remains stable, and with sufficient supply, buyers have a strong mindset of pressing down prices. The rising warehouse receipt inventory also adds pressure, so alumina will continue to be weak, and attention should be paid to the cost support of alumina [2][7]. Industry News - Vedanta announced an investment of over 125 billion rupees to enhance its metal manufacturing capabilities, aiming to strengthen the domestic supply of key materials necessary for electric vehicle production to meet the needs of India's rapidly growing electric vehicle (EV) industry and contribute to India's vision of sustainable and clean transportation. The investment involves expanding the aluminum smelting business, increasing the added value of aluminum products, building a new zinc alloy factory, installing a zinc roasting furnace, and expanding the ferrochrome production capacity [8]. - Jiaokou County Wangzhuang Pig Iron Co., Ltd. won the exploration right of the Fengjiagang block bauxite in Jiaokou County, Shanxi Province, with the highest bid of 3.1728 billion yuan [8]. - Metro Mining's operating data for August 2025 showed that the shipment volume of its Queensland bauxite mine project increased by 6% year - on - year to 753,101 wet tons. As of now, Metro Mining's total bauxite shipment volume has reached 3.4 million wet tons, and its target shipment volume for 2025 is 6.5 - 7 million wet tons [8].

1. Report Industry Investment Rating - Alumina: Oscillating [4] 2. Core Viewpoints of the Report - Alumina supply continues to rise, and the import window has opened. Domestic alumina supply is increasing due to复产 and new - capacity releases, leading to a growing supply surplus. The futures price is expected to show an oscillating and weakening trend. It is recommended to adopt a strategy of short - selling on rallies [1][14] 3. Summary According to the Directory 3.1 Alumina Industry Chain Weekly Overview - **Raw Materials**: Domestic ore prices remained stable last week. In the north, strict inspections in Henan and policy - related impacts in Shanxi limited ore production. Frequent rainfall also reduced ore output. Imported ore prices were stable, and the shipping volume is expected to increase in October. Newly - arrived ore was 3.406 million tons this period, including 2.272 million tons from Guinea and 1.055 million tons from Australia. The shipping cost from Guinea to China dropped to $23.5 per ton [1][11] - **Alumina**: The spot price of alumina declined last week. The import window opened due to large - scale tenders from downstream aluminum plants, and market sentiment was bearish. The theoretical import profit was 44 yuan per ton. The national alumina production capacity in operation increased by 800,000 tons to 97.55 million tons, with an operating rate of 85.1% [2][12] - **Demand**: Domestically, the operating capacity of Yunnan Honghe New Materials Co., Ltd. increased by 20,000 tons. The domestic electrolytic aluminum operating capacity increased by 20,000 tons to 44.163 million tons. Overseas demand remained unchanged [13] - **Inventory**: As of September 11, the national alumina inventory increased by 71,000 tons to 3.68 million tons. The inventory of electrolytic aluminum enterprises continued to rise, but the increase narrowed. Alumina enterprise inventory remained low, and port inventory increased significantly [13] - **Warehouse Receipts**: The registered warehouse receipts of alumina on the Shanghai Futures Exchange increased by 32,435 tons to 138,692 tons. The futures price is expected to be weak and oscillating, and it is recommended to short - sell on rallies [14] 3.2 Weekly Summary of Key Events in the Industry Chain - **Import Cost**: As of September 11, the Australian alumina quotation was about $336 per ton, down $18.5 from the previous week. The theoretical import profit was 44 yuan per ton [15] - **Transaction in Western Australia**: On September 11, 30,000 tons of alumina were traded in Western Australia at an FOB price of $340 per ton, down $10 from the previous deal [15] - **Ore Use in Shanxi**: Due to poor domestic ore acquisition in Shanxi, some alumina enterprises increased the use of imported ore. One alumina plant restored its operating capacity from 1 million tons to 1.4 million tons [15] 3.3 Monitoring of Key Data in the Upstream and Downstream of the Industry Chain - **Raw Materials and Cost**: The section includes data on 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 prices, and alumina production costs in various provinces [16][25][27] - **Alumina Price and Supply - Demand Balance**: It covers domestic and imported alumina prices, domestic electrolytic aluminum spot prices, the futures price ratio of electrolytic aluminum to alumina on the Shanghai Futures Exchange, and the weekly supply - demand balance of domestic alumina [32][36][39] - **Alumina Inventory and Warehouse Receipts**: This part contains data on electrolytic aluminum plant and alumina plant alumina inventories, domestic alumina yard/terminal/in - transit inventory, port inventory, total social inventory, and the quantity of warehouse receipts and open interest of alumina on the Shanghai Futures Exchange [42][45][48]

Group 1: Report Industry Investment Rating - The industry investment rating for alumina is "Oscillating" [1] Group 2: Core Viewpoints of the Report - Alumina supply continues to recover, and the supply surplus widens. The spot price of alumina declined last week, and the market sentiment is bearish. The supply of alumina is increasing, while the demand is also rising both domestically and overseas. The inventory of alumina has increased, and the registered warehouse receipts on the SHFE have also risen. The futures price is expected to show an oscillating and weakening trend, and it is recommended to adopt a strategy of short - selling on rallies [1][2][13][16] Group 3: Summary by Relevant Catalog 1. Alumina Industry Chain Weekly Overview - **Raw Materials**: Domestic ore prices remained stable last week. In Shanxi, the含税 price of 58/5 ore was 700 yuan/ton; in Henan, it was 658 yuan/ton; and in Guizhou, the arrival - at - factory含税 price of 60/6 bauxite was 596 yuan/ton. Shanxi's ore production was affected by policies, rainfall, and the parade. Imported ore: The ALD Guinea ore price index was 74 - 76 dollars/dry ton. Newly - arrived ore was 456.2 million tons, including 319.1 million tons from Guinea and 137.0 million tons from Australia. The freight from Guinea to China dropped by 1 dollar to 25 dollars/ton [2][12] - **Alumina**: The spot price of alumina fell last week. The ALD northern comprehensive price was 3040 - 3120 yuan/ton, down 90 yuan/ton; the domestic weighted index was 3101 yuan/ton, down 82.4 yuan/ton. The import port price was 3190 - 3230 yuan/ton, down 50 yuan/ton. The market was bearish, and buyers' willingness to purchase decreased. The domestic full - cost of alumina was 2871 yuan/ton, and the real - time profit was 361 yuan/ton. The national alumina production capacity was 11462 million tons, with 9675 million tons in operation, an increase of 170 million tons from last week, and the operating rate was 84.4% [3][13] - **Demand**: Domestically, Yunnan Honghe New Materials' operating capacity increased by 7 million tons to about 30 million tons. The domestic electrolytic aluminum operating capacity was 4414.3 million tons, an increase of 7 million tons. Overseas, the New Zealand Tiwai Point electrolytic aluminum plant was resuming production, with an operating capacity of 33.8 million tons and about to reach full - capacity. Indonesia's Juwana Aluminum started power - on testing in early September, expected to produce 15 - 20 million tons this year. The overseas electrolytic aluminum operating capacity was 2969.4 million tons, an increase of 10.4 million tons [14] - **Inventory**: As of September 4th, the national alumina inventory was 360.9 million tons, an increase of 11.2 million tons from last week. The electrolytic aluminum inventory increased significantly, the alumina factory inventory increased implicitly, and the in - transit volume decreased [14] - **Warehouse Receipts**: The registered warehouse receipts of alumina on the SHFE were 112306 tons, an increase of 23480 tons from last week [15] 2. Summary of Key Events and News in the Industry Chain during the Week - On September 5th, a Xinjiang aluminum plant tendered for 1 million tons of alumina at a delivered price of 3240 yuan/ton, with suppliers mainly delivering Shandong goods due to the railway freight discount in Shandong [17] - On September 5th, a Chongqing electrolytic aluminum enterprise purchased 0.5 million tons of alumina in Guizhou at a delivered price of 3350 yuan/ton [17] - Overseas, the tender sales of spot alumina increased, with the origin mainly in Australia, Indonesia, Vietnam, and India, and the shipping dates mostly from early to late October, potentially increasing domestic supply [17] 3. Monitoring of Key Data in the Upstream and Downstream of the Industry Chain 3.1 Raw Materials and Cost End - Data on domestic and imported bauxite prices, domestic bauxite port inventory, port shipments from major bauxite - importing countries, sea - floating inventory of major bauxite - importing countries, domestic caustic soda price trends, domestic thermal coal price trends, and alumina production costs in various provinces were presented [18][20][22] 3.2 Alumina Price and Supply - Demand Balance - Data on 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 were provided [35][37][39] 3.3 Alumina Inventory and Warehouse Receipts - Data on electrolytic aluminum plants' alumina inventory, alumina plants' alumina inventory, domestic alumina yard/platform/in - transit inventory, alumina port inventory, domestic total social alumina inventory, and the SHFE alumina warehouse receipts and open interest were shown [46][49][52]

Group 1 - The alumina market experienced significant adjustments in the first half of the year, with prices declining from a peak of 5540 yuan/ton to a low of 2663 yuan/ton, maintaining a wide fluctuation between 2700 and 3600 yuan/ton after May [1] - The cyclical logic behind the price movements includes industry profit contraction, active production cuts, price rebounds, resumption of production, and price declines back to cost levels [1] - In the fourth quarter, alumina is expected to continue its wide fluctuation pattern, with cost support remaining due to the slow decline in bauxite prices, but upward price movement requires substantial supply-side disruptions [1] Group 2 - As of the end of August, domestic alumina operating capacity was approximately 95 million tons, with a peak close to 96 million tons, and about 1.6 million tons of capacity expected to resume following maintenance [1] - Demand for alumina from electrolytic aluminum is expected to remain stable, but growth is limited due to capacity constraints, while non-aluminum demand shows seasonal characteristics and overall demand growth is far behind supply [1] - By 2025, the domestic alumina market is projected to have a surplus of approximately 2% or 2 million tons [1] Group 3 - In the overseas market, projects in India and Indonesia are ramping up, leading to a shift from a shortage to a surplus in the overseas supply landscape since the third quarter [2] - By 2025, the overseas alumina surplus is expected to be around 160 million tons, with a surplus rate of 2.7% [2] - Overall, the global alumina supply shifted from a slight shortage to a surplus in the third quarter, with significant surplus pressures expected in both domestic and overseas markets in the second half of the year [2] Group 4 - Guinea bauxite shipments have shown fluctuations due to the rainy season but remain at high levels year-on-year, with expectations of overall surplus in bauxite supply [2] - The CIF price of Guinea bauxite is projected at $74.5/ton, with marginal cash costs for domestic alumina production estimated between 2850 and 2950 yuan/ton, and total costs between 3070 and 3170 yuan/ton, indicating a neutral profit level for the industry [2] Group 5 - In the short term, without supply disruptions, alumina prices may remain in a bottoming phase, with current prices near the cash loss threshold for smelting [3] - The price support level is expected around 2900 to 3000 yuan/ton, with an anticipated price fluctuation range of 2900 to 3300 yuan/ton [3] - Despite significant supply surplus pressures, seasonal production limits and policy disruptions in the fourth quarter may lead to a temporary price rebound, with potential peaks around 3500 yuan/ton [3]

周度报告—氧化铝 、smingfTable_Title] 山西矿石政策传言影响不大， 氧化铝供应继续缓慢恢复 | [T走ab势le_评R级an：k] | 氧化铝：震荡 | | --- | --- | | 报告日期： | 2025 年 8 月 17 日 | 有 色 金 属 原料：上周国内矿石价格暂稳，山西矿 58/5 的含税报价 700 元/ 吨，河南的 58/5 的含税价格为 658 元/吨, 贵州 60/6 铝土矿的到 厂含税价格维持 596 元/吨。此前市场传言山西省调整铝土矿管 理政策，但主要涉及陶瓷土等名义开发铝土矿的矿山，这些矿山 多数已处于停产状态。河南地区延续检查严苛，矿山开工率不足。 南方受雨季以及台风影响，防城港、钦州等港口短暂关闭，影响 进口铝土矿卸船量减少。进口方面，市场传出的成交价格区间在 73-76 美元/干吨，价差主要源于品质差异。下游工厂目前矿石 储备相对充足，若无刚性需求，便不会进厂采购。博法地区发货 量呈下降态势，志诚矿业已获许从顺达码头发运矿石，但每月发 货量或仅为一艘海岬型船。顺达延续停产，与几内亚政府协商商 议中，矿区及发运仍处于停工状态。期内新到矿石 340.7 万吨 ...

SHMET 网讯：山西省自然资源厅有关调整部分矿种出让登记权限的通知提振市场情绪，日内资金活跃度抬升，氧化铝主力ao2509合约涨幅超4%，日内成交 量增加12.3万手至29.6万手，持仓量减少1.87万手至9.61万手。 今日交易所多空持仓排行榜前20席位数据显示，氧化铝主力合约呈现多空双减景象，空头减仓数量远大于多头减仓，空头持仓大幅减少1.38万手至55280 手，空头持仓减少5601手至55708手，多空比由0.89增至1.01。次主力ao2601合约呈现多空双增景象，均增近2万手，空头持仓增加略大于多头。 观察主力持仓排行榜前20席位可见，多空榜首国泰君安期货席位今日进行多增空减操作，多头持仓增加664手，空头持仓减少4016手，净空头持仓缩减至 2788手中信期货席位今日扩大其多头持仓规模，其多头增仓超2000手，一跃成为多头持仓排名第二，从净空头持仓203手变为净多头持仓2696手。另外，永 安期货席位在增持多单之际减持空单，华泰期货席位多空双减，同样由空翻多，或表明对继续上行仍存在期待。然而，方正中期期货席位和广发期货席位多 减空增，由多翻空，中泰期货席位多头减持大于空头减持，也从净多头持仓转 ...

国投安信期货表示，近期氧化铝现货上涨趋势缓和，国内氧化铝运行产能回升至历史高位进入过剩状 态，几内亚矿企存在复产预期，但上期所仓单库存依然仅两万余吨，期货暂难深跌，关注现货成交价格 变化。 7月17日，国内期市有色金属板块多数飘绿。其中，氧化铝期货主力合约开盘报3100.0元/吨，今日盘中 低位震荡运行；截至午间收盘，氧化铝主力最高触及3123.0元，下方探低3055.0元，跌幅达2.39%。 目前来看，氧化铝行情呈现震荡下行走势，盘面表现偏弱。对于氧化铝后市行情将如何运行，相关机构 观点汇总如下： 南华期货（603093）指出，有消息表示顺达矿业将于8月复产，矿端报价有所下调。基本面方面，随着 氧化铝利润修复，企业持续复产陆续发生，氧化铝运行产能持续增加，预计累库将继续。目前考虑到7 月将有进口氧化铝到港且当前氧化铝仍有生产利润复产与新投产还在继续，同时随着新疆发运问题解决 各地向新疆交仓增加，氧化铝挤仓风险降低。总的来说，氧化铝供应过剩预期暂时还未改变，随着期现 价差拉平，上行动力有所减弱短期或维持高位震荡，推荐逢高沽空远月合约。 铜冠金源期货分析称，暂时氧化铝基于仍较为可控的有限现货流动量和向上惯性，现 ...

周度报告—氧化铝 、smingfTable_Title] 氧化铝供应小幅增加， 关注中东局势对商品影响 | [T走ab势le_评R级an：k] | 氧化铝：震荡 | | | | --- | --- | --- | --- | | 报告日期： | 2025 年 6 22 | 月 | 日 | [Table_Summary] ★氧化铝供应小幅增加，关注中东局势对商品影响 有 色 金 属 原料：上周国内矿石价格短期暂稳，山西矿 58/5 的含税报价 700 元/吨，河南的 58/5 的含税价格为 668 元/吨, 贵州 60/6 铝土矿 的到厂含税价格维持 596 元/吨。山西地区前期入驻的检查组工 作尚未结束, 矿山开工较前期无明显变化。河南地区矿山同样面 临政府常规化检查。在供给量有所减少的背景下，晋豫两地铝土 矿价格维持坚挺。南方主产区进入传统雨季，后续矿山将面临季 节性考验。进口方面，几内亚高品位铝土矿（45/3）成交价稳定 在 75 美元/干吨。目前矿商对 7 月后资源报价均于 CIF 77 美元/ 吨之上。下游铝企采购需求已呈现阶段性饱和态势。用户采购意 向多集中于 CIF 65-70 美元/吨。几内亚雨 ...