1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - Short - term geopolitical factors may increase transportation costs, supporting the ore price and providing good cost support for alumina. The intention of unreactivated alumina production capacity to resume production is low as prices fall and profits are squeezed. The alumina market is in a game between supply and demand, with alumina expected to fluctuate at a low level. Attention should be paid to the low - level persistence of warehouse receipt inventory, especially the potential liquidity risk during the delivery month [2][6] 3. Summary According to Related Catalogs 3.1 Transaction Data | Category | 2025/6/13 | 2025/6/20 | Change | Unit | | --- | --- | --- | --- | --- | | Alumina Futures (Active) | 2852 | 2890 | 38 | Yuan/ton | | Domestic Alumina Spot | 3287 | 3197 | - 90 | Yuan/ton | | Spot Premium | 287 | 202 | - 85 | Yuan/ton | | Australian Alumina FOB | 363 | 363 | 0 | US dollars/ton | | Import Profit and Loss | 44.27 | - 31.93 | - 76.2 | Yuan/ton | | Exchange Warehouse | 80143 | 42928 | - 37215 | Tons | | Exchange Factory Warehouse | 300 | 300 | 0 | Tons | | Bauxite in Shanxi (6.0≤Al/Si<7.0) | 600 | 600 | 0 | Yuan/ton | | Bauxite in Henan (6.0≤Al/Si<7.0) | 610 | 610 | 0 | Yuan/ton | | Bauxite in Guangxi (6.5≤Al/Si<7.5) | 460 | 460 | 0 | Yuan/ton | | Bauxite in Guizhou (6.5≤Al/Si<7.5) | 510 | 510 | 0 | Yuan/ton | | Guinea CIF | 74.5 | 74.5 | 0 | US dollars/ton | [3] 3.2 Market Review - Alumina futures rose 1.33% last week, closing at 2890 Yuan/ton. The national weighted - average spot price fell 90 Yuan/ton to 3197 Yuan/ton. Domestic bauxite is tight, and the procurement is cautious. The price game between supply and demand of imported bauxite continues. The alumina supply decreased slightly, and the demand remained high. The warehouse receipt inventory decreased by 37,000 tons to 43,000 tons, and the factory warehouse remained unchanged at 300 tons [4] 3.3 Market Outlook - The bauxite supply was stable last week. If the transportation is affected by the potential blockade of the Strait of Hormuz and the Bab - el - Mandeb, the transportation cost of imported bauxite from Guinea will increase. A Guangxi alumina enterprise cut production by 500,000 tons. The electrolytic aluminum capacity increased slightly, and the procurement was mainly based on long - term contracts. The cost support for alumina is good, and it is expected to fluctuate at a low level. Attention should be paid to the low - level persistence of warehouse receipt inventory [6] 3.4 Industry News - In May 2025, China exported 207,800 tons of alumina, a year - on - year increase of 104.6%, and imported 67,500 tons, a year - on - year decrease of 26.3%. From January to May 2025, China's cumulative alumina imports decreased by 85.4% year - on - year, and exports increased by 79.4% year - on - year. In May 2025, China imported 1.7514 million tons of bauxite, a month - on - month decrease of 15.32% and a year - on - year increase of 29.43% [7] 3.5 Related Charts - The report provides charts on alumina futures price trends, spot prices, spot premiums, cross - period spreads, domestic and imported bauxite prices, caustic soda prices, thermal coal prices, alumina costs and profits, and alumina exchange inventories [8][12][13][15][16]