Aluminum Spot Prices Surge Back Above RMB 24,000/MT

Aluminum ingot spot prices rose sharply today, returning to the RMB 24,000/MT level.

On August 17, the average aluminum ingot price quoted by Yangtze River Nonferrous Metals was RMB 24,080/MT, up RMB 210/MT. The average price quoted by Guangdong Nanchu was RMB 24,120/MT, up RMB 200/MT.

Last week, aluminum prices climbed above RMB 24,000/MT before pulling back into the RMB 23,000/MT range. Today, prices rebounded again to around RMB 24,000/MT. As the market moves into the second half of August, demand for essential restocking has started to improve.

According to a research report, aluminum smelters are still maintaining relatively high profitability. Based on the 90th-percentile cost level, net profit per metric ton exceeds RMB 4,300, while smelters with captive power generation can still achieve a net profit of approximately RMB 5,184/MT on a full-cost basis.

U.S. to Invest $85.5 Million to Expand Bauxite Operations in Guyana

According to a report compiled by Nonferrous Metals News, the U.S. Department of Defense announced on August 7 that it will invest $85.5 million to strengthen the supply of refractory-grade bauxite.

The funding will be provided through the Department of Defense’s Industrial Base Analysis and Sustainment program. In addition, the project will receive $64.5 million in private-sector co-investment, bringing the total investment to $150 million.

The funds will be used to acquire and expand the First Bauxite mine in Guyana, develop new calcination facilities for primary processing, and support the subsequent construction of a brown fused alumina facility in the United States.