CICC believes that the reduction in electricity production will affect alumina, and the small increase in costs will not change the profit per ton of aluminum.According to my non-ferrous network, the impact of Guangxi’s electricity curtailment on the aluminum industry has spread to alumina. At present, the impact of local electricity restrictions. Guangxi requires alumina reduction capacity of 110 million tons, considering the reduction of electrolytic aluminum production capacity in Guangxi area to 41 7 tons, the monthly demand for alumina has decreased by about XNUMX tons.
We believe that although power curtailment factors have led to a reduction in alumina production, considering that alumina production capacity is still relatively surplus, and due to the reduction in electrolytic aluminum production corresponding to a part of the reduction in alumina demand, the growth rate of electrolytic aluminum production costs is lower than the price growth in the short term. The profit of domestic electrolytic aluminum per ton of aluminum continues to increase.
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