According to Baichuan Yingfu statistics, the average tax-inclusive production cost of China’s electrolytic aluminum industry in August 2025 was RMB 16,182.1/ton, representing a month-on-month increase of 0.12% and a year-on-year decrease of 7.99%. From January to August 2025, the average tax-inclusive production cost of the industry was RMB 16,975.6/ton.
In August 2025, the average tax-inclusive full cost (including sales) of China’s electrolytic aluminum industry was RMB 16,545.42/ton, up 0.07% month-on-month. From January to August 2025, the average tax-inclusive full cost (including sales) was RMB 17,341.7/ton.
In terms of alumina, prices first rose and then declined. Tight supply in some regions persisted in the early stage, pushing prices slightly higher. However, as shipments improved later, overall supply in the market turned into surplus. With bearish sentiment dominating the market, most transactions were concluded at discounts to online prices, leading to a downward trend in alumina prices. The settlement price of alumina in August (July 26–August 25) was RMB 3,256/ton, up RMB 94/ton from the previous month, an increase of 2.97%.
Regarding prebaked anodes, a major aluminum producer in Shandong set its August 2025 procurement benchmark price at RMB 4,739/ton in cash, down RMB 10/ton compared with July.
On electricity, the average comprehensive electricity price for the electrolytic aluminum industry in August 2025 was RMB 0.3861/kWh, continuing its downward trend month-on-month.
Overall, driven by alumina prices, the tax-inclusive production cost of China’s electrolytic aluminum industry in August increased slightly month-on-month.
On the price side, Baichuan Yingfu’s spot settlement price in August 2025 was RMB 20,601.48/ton, down RMB 71.84/ton month-on-month, a decline of 0.35%. Based on production costs, the theoretical average profit of the electrolytic aluminum industry in August 2025 was RMB 4,419.38/ton, down 2.02% month-on-month, though the industry continued to maintain strong profitability.
Looking ahead to September 2025, prebaked anode and electricity prices may rise, while alumina prices may continue to decline. Overall, the theoretical cost of the electrolytic aluminum industry is expected to remain stable.