1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The alumina market is multi - faceted with both long and short factors. In the short term, alumina is expected to trade in a range - bound manner. The disturbances in the ore end have not affected the actual supply, and the cost side is stable. The medium - to - long - term supply side faces significant pressure from new capacity launches, while the short - term operating capacity is stable. Attention should be paid to the potential phased supply disruptions caused by the "parade" [2][7]. 3. Summary by Relevant Catalogs 3.1 Transaction Data - From August 15th to August 22nd, 2025, the active alumina futures price decreased from 3205 yuan/ton to 3138 yuan/ton, a drop of 67 yuan/ton. The domestic alumina spot price decreased from 3270 yuan/ton to 3263 yuan/ton, a drop of 7 yuan/ton. The spot premium increased from 107 yuan/ton to 134 yuan/ton, an increase of 27 yuan/ton. The FOB price of Australian alumina increased from 366.5 dollars/ton to 370 dollars/ton, an increase of 3.5 dollars/ton. The import profit and loss changed from 14.16 yuan/ton to - 24.60 yuan/ton, a decrease of 38.8 yuan/ton. The exchange warehouse inventory increased from 65771 tons to 77746 tons, an increase of 11975 tons, and the exchange factory warehouse inventory remained at 0 tons [3]. 3.2 Market Review - The main alumina futures contract fell 2.09% last week, closing at 3138 yuan/ton. The national weighted average of the spot market was reported at 3263 yuan/ton on Friday, down 7 yuan/ton from the previous week. The price of domestic bauxite remained unchanged, with limited spot circulation and low trading activity. The rainy season in Guinea has affected the import of bauxite, and it is expected to impact China's import volume in the future. On the supply side, the roasting furnace maintenance of a southern alumina enterprise led to a phased reduction in the supply of alumina spot, with a more prominent supply - demand imbalance in the south and relatively loose supply in the north. As of August 21st, China's alumina production capacity was 114.8 million tons, the operating capacity was 95.2 million tons, and the operating rate was 82.93%. On the consumption side, the transfer of electrolytic aluminum production capacity from Shandong to Yunnan and the resumption of production of electrolytic aluminum enterprises in Guangxi increased the supply of the electrolytic aluminum industry this week, leading to an increase in the demand for alumina. In terms of inventory, the alumina futures warehouse receipt inventory increased by 70824 tons to 78000 tons last Friday, and the factory warehouse inventory remained at 0 tons [5]. 3.3 Market Outlook - Last week, the domestic ore supply remained tight, while the import volume of imported ore in July increased by 10.7% month - on - month, with sufficient import supply. On the supply side, the roasting maintenance of a southern alumina enterprise affected a small amount of production capacity, and the rest remained basically stable. The previously expected impact of the "parade" on transportation and production has not materialized. On the consumption side, electrolytic aluminum enterprises are relatively cautious in purchasing due to the current oscillating adjustment of alumina. The regional tight supply pattern in the spot market still exists, and the price is relatively firm. The warehouse receipt inventory increased by 70824 tons to 78000 tons during the week, and the factory warehouse inventory remained at 0 tons. Overall, the disturbances in the ore end have not affected the actual supply, and the cost side is stable. The medium - to - long - term supply side faces significant pressure from new capacity launches, while the short - term operating capacity is stable. Attention should be paid to the potential phased supply disruptions caused by the "parade". The warehouse receipt inventory has been continuously decreasing, but the decline in the open interest on the market is not significant [2][7]. 3.4 Industry News - In July 2025, China imported 125,900 tons of alumina, mainly from Indonesia, Australia, and Vietnam, and exported 229,400 tons, mainly to Russia. In July 2025, China imported approximately 20.06 million tons of bauxite and its concentrates, a year - on - year increase of about 33.73% and a month - on - month increase of about 10.73%. Rusal released its interim results for the six - month period ending June 30, 2025, with revenues of 7.52 billion dollars, a year - on - year increase of 32.05%. The attributable loss to shareholders was 87 million dollars, compared with a profit of 565 million dollars in the same period of the previous year [8]. 3.5 Related Charts - The report provides multiple charts, including those showing the price trends of alumina futures, domestic and Australian alumina spot, alumina spot premium, alumina inter - month spread, domestic and imported bauxite prices, caustic soda price, thermal coal price, alumina cost - profit, and alumina exchange inventory [9][14][16]