Aluminum Monthly Report of China

7/25/2019 Aluminum Monthly Report of China

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(www.antaike.com) ([email protected])

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REN Baifeng, JIANG Guofeng

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ZENG Zheng

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CHEN Huan, ZHANG Fan

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This issue was dispatched on December 30, 2015

Alumina & Aluminum Monthly January 2016 No.229

The Most Essential and AuthoritativeSource for Chinese Metals Market

INSIDE THIS ISSUE Highlight

Aluminum smelters hang together in slashing output2

Market Commentary

Domestic aluminum price to extend rally, but gain seen limited..4

Alumina price remains weak10

Bauxite imports up in November.11

Auto output and sales hit record high....16

China Primary Aluminum Supply/Demand Balance 2012-201518

News

Industrial Policy, Foreign Investment & Trade

Shandong Weiqiao: first bauxite cargo from Guinea arrive at Binzhou port.18

Bauxite and Alumina

Chalco Shanxi Xinghua successfully produces eucrystalline low-sodium sandy

a l u m i n a . . . 1 9

Aluminum

Inner Mongolia Holingol sees aluminum industry growing rapidly..21

Coal, Carbon and Electric Power

China requires coal-fired power stations to modernize technology and facility to

meet higher standard..22

Statistics

Chinese Primary Aluminum Output by Region...24

Chinese Alumina Output by Region...25

Imports and Exports of Al Products....................................................26

LME and SHFE Aluminum Price...27

LME and SHFE Reported Aluminum Stocks28

ATKASI, Imported Spot Alumina Arithmetic Average Price.28
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Alumina & Aluminum Monthly

(www.antaike.com) ([email protected]) 2

Highlight

Aluminum smelters hang together in slashing output

-----China Nonferrous Metals Industry Association (CNIA)

Organized by China Nonferrous Metals Industry Association (CNIA), Chinese 14 key aluminumcompanies including China Hongqiao Group (Shandong Weiqiao), Aluminum Corporation of China(Chinalco) on December 10, 2015 had a meeting in Kunming city, discussing and studying solutions tothe severe market situation. The combined capacity of the 14 key aluminum companies accounts for 75%of Chinese total aluminum smelting capacity.

Since the start of 2015, more and more domestic aluminum companies have implemented flexible production plan. So far, about 4.41 million tpy aluminum smelting capacity have been closed. The 14 keyaluminum companies have promised that they will not restart up the idled capacity in future. Furthermore,the companies will further reduce production.

According to preliminary statistics, at least 500 ktpy aluminum capacity will be shut down at the end ofDecember 2015, so the idled capacity will be 4.91 million tpy and the idled alumina capacity will exceed7.00 million tpy in 2015.

Moreover, the 14 key aluminum companies have promised that they will not put newly-added aluminumsmelting capacity into production in the coming 12 months.

The production cut of domestic aluminum smelters has significantly eased surplus on domestic primaryaluminum market. The domestic aluminum stocks have dropped to about 800 ktpy at present, down fromabout 1.00 million tonnes in October 2015.

The 14 key aluminum companies also reached consensus on other important issues at the meeting.

China Hongqiao Group reduces aluminum outputChina Hongqiao Group (Shandong Weiqiao), Aluminum Corporation of China (Chinalco) and othertwelve large-sized aluminum companies on December 10, 2015 had a meeting in Kunming city ofYunnan province, discussing and studying solutions to the severe market situation.

At the meeting, China Hongqiao Group announced that it will close 250 ktpy aluminum smeltingcapacity in an attempt to ease the surplus and help aluminum price stabilize.

East Hope Baotou Aluminum reduces output

Inner Mongolia Vice Governor recently paid a visit to East Hope Baotou Aluminum Co., Ltd. to inspect

operation of the aluminum smelter.

East Hope Baotou Aluminum has reduced production by conducting maintenance at facilities in advance, but
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it has not cut staff number and wage. The company is currently operating smoothly. It plans to expand the

capacity of captive power station and asks local government to provide more preferential policies to reduce

power cost. The company is wholly owned by East Hope Group.

Xinjiang Tianshan delays commissioning of new aluminum capacity

Xinjiang Tianshan Aluminum Co., Ltd.s previous plan was to put newly-built aluminum capacity of200ktpy into production at the end of November 2015. The company has delayed commissioning ofnewly-built aluminum capacity due to extremely low aluminum price.The company made about 920 kt of primary aluminum in 2014. In January-November 2015, thecompany produced 1.10 million tonnes of primary aluminum. It is expected that the companys primaryaluminum output will reach 1.20 million tonnes in 2015.

Table: Chinas Primary Aluminum Production Cut in 2015Province/region Company Closed capacity (Unit: ktpy)

Fujian Fujian Nanping Aluminum Co., Ltd. 50

Liaoning Fushun Aluminum Co., Ltd. 297Gansu Gansu Hualu Aluminum Co., Ltd. 235 235

Gansu Chinalco Lancheng Branch 182

Gansu Gansu Dongxing Aluminum Co., Ltd. 400

Guangxi Guangxi Xiangji Metals Co., Ltd. 40

Guizhou Jinlan Weiming Aluminum Co., Ltd. 75

Guizhou Liupanshui Shuangyuan Aluminum Co., Ltd. 67

Henan Henan Xichuan Aluminum Group Co., Ltd. 140

Henan Shangqiu Aluminum Smelter of Henan Shenhuo Group 60

Henan Zhengzhou Faxiang Aluminum Co., Ltd. 27

Henan Yongcheng Aluminum Smelter of Henan Shenhuo Group 70

Henan Sanmenxia Hengkang Aluminum Co., Ltd. 240

Henan Linzhou Linfeng Aluminum Co., Ltd. 100

Hubei Yichang Changjiang Aluminum Co., Ltd. 40

Hunan Hunan Chuangyuan Aluminum Co., Ltd. 150

Inner Mongolia East Hope Baotou Rare Earth & Aluminum Co., Ltd. 50

Inner Mongolia CPI Mengdong Tongshun Aluminum Co., Ltd. 173

Ningxia Jinning Aluminum & Magnesium New Materials Co., Ltd. 150

Ningxia Qingtongxia Aluminum Group Co., Ltd. 270

Qinghai Hualong Xianqi Aluminium Industry Co., Ltd. 65

Qinghai Qinghai Huanghe Hydropower Recycled Aluminum Co., Ltd. 250

Qinghai Qinghai Huanghe Waterpower Secondary Aluminum Co., Ltd. 40

Qinghai Huanghe Xinye Aluminum Co., Ltd. 100

Qinghai Baihe Aluminum Co., Ltd. 20

Qinghai Jinyuan Aluminum Co., Ltd. 100

Shandong Keao Aluminum Co., Ltd. of Shandong Yankuang Group 20

Shandong Shandong Zouping Qixing Aluminum Co., Ltd. 60


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Shandong Shandong Weiqiao Aluminum & Power Co., Ltd. 250

Sichuan Meishan Qimingxing Aluminum Co., Ltd. 50

Sichuan Sichuan Qiya Aluminum Co., Ltd. 170

Sichuan Aba Aluminum Smelter of Bosai Group 67

Sichuan Sichuan Aostar Aluminum Co., Ltd. 62.5

Shanxi Taiyuan Oriental Shanxi Zhaofeng Aluminum Co., Ltd. 50

Shanxi Shanxi Zhaofeng Aluminum Co., Ltd. 30

Xinjiang Xinjiang Joinworld Co.,Ltd. 95

Yunnan Qujing Aluminum Co., Ltd.of Yunnan Dongyuan Coal Group 230

Yunnan Yunnan Aluminum Co., Ltd. 250

Chongqing Chongqing Tiantai Aluminum Co., Ltd. 100

Chongqing Chongqing Tengtai Aluminum Co., Ltd. 30

Chongqing Qineng Aluminum & Power Co., Ltd. 50

China's total 4905.5

Market CommentaryDomestic aluminum price to extend rally, but gain seen limitedSHFE 3-months aluminum futures contract price rebound in December due to production cut of domesticaluminum smelters. The price is likely to continue rally but the gain will be limited next month. Themarket needs SRBs stockpile and production cut to gather steam to rebound.Candlestick Chart of SHFE 3-Months Aluminum Futures Contract Price, Trade Volume, OpenInterest (yuan/t, tax included; 10k lots)

Source: SHFE


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SHFE, LME 3-Months Aluminum Futures Contract Price

1,400

1,500

1,600

1,700

1,800

1,900

2,0002,100

2,200

9,500

10,000

10,500

11,000

11,500

12,000

12,500

13,000

13,500

14,000

14,500

15,000

U S D / t

y u a n

/ t ( t a x

i n c l u

d e

d )

SHFE 3-Months Al LME 3-Mont hs Al

Source: LME, SHFE

Premium of Guangdong Nanhai, Shanghai Changjiang Spot Aluminum Price and SHFESpot-Month VS SHFE 3-Months Aluminum Futures Contract Price (yuan/t, tax included)

9600

9800

10000

10200

10400

10600

10800

11000

-200

-100

0

100

200

300

400

500

N anhai Cha ngjiang SHF E spot -month SHF E 3-months

Source: SHFE, Antaike


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Price Ratio Of SHFE 3-Months Aluminum Futures Contract Price to The LME 3-MonthsAluminum, Exchange Rate Of RMB against USD, Break-Even Point Of Importing PrimaryAluminum from Foreign Country to China, Break-Even Point Of Exporting Aluminum fromChina to Foreign Country

6.1

6.15

6.2

6.25

6.3

6.35

6.4

6.45

6.5

5

5.5

6

6.5

7

7.5

8

8.5

9

Price Ratio Import Export Exchange Rate

Source: LME, SHFE, Peoples Bank of China

SHFE reported aluminum stocks slightly upThe SHFE reported aluminum stood at 296,140 tonnes on December 25, slightly up from 283,963 tonnesat the end of November.

It is expected that the SHFE aluminum inventories will gradually decrease next month because domestic

aluminum smelters reduce output.LME, SHFE Reported Aluminum Stocks (Unit: metric ton)

2,500,000

3,000,000

3,500,000

4,000,000

4,500,000

5,000,000

5,500,000

6,000,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000

SHFE LME

Source: LME, SHFE

Production and costChina produced 29,099,889 metric tons of primary aluminum in January-November 2015, up by 10.45%from the same period of last year, according to data provided by CNIA.

In November alone, the output was 2,683,182 tonnes. The average daily output was 89,439 tonnes,


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equivalent to an annualized rate of 32.6453 million tonnes, slightly up compared with that in October butthe growth rate continues to slow.

Chinese Monthly Output of Alumina, Primary Aluminum and Semis (kt)

1500

2000

2500

3000

3500

4000

45005000

Aluminum Alumina Semis

Note: The output of Jan. and Feb. 2014 and 2015 on the chart is equal to the output: Jan-Feb./(31+28)*31 and Jan-Feb./(31+28)*28, respectively.

Source: CNIA

Annualized Rate of Chinese Primary Aluminum Output and Y-o-Y Growth Rate

0

5

1015

20

25

30

35

40

45

20

25

30

35

%

m i l l i o n m e t r i c t o n s

Alum inum O utp ut Grow th R ate

Source: CNIA

Average Daily Primary Aluminum Output by Region (metric ton) ((metric ton, the right vertical axis is for Shandong and Xinjiang)

4,000

8,000

12,000

16,000

20,000

24,000

4,000

6,000

8,000

10,000

12,000

Henan Inner Mongolia Shandong Xinjiang


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(The right vertical axis is for Gansu, Qinghai and Ningxia)

2,000

3,000

4,000

5,000

6,000

7,000

8,000

1,000

2,000

3,000

4,000

Guizhou Yunnan Gansu Qinghai Ningxia

0

1,000

2,000

3,000

Shaanxi Sichuan Guangxi Shanxi Hunan

(The right vertical axis is for Chongqing and Liaoning)

0

1,000

2,000

3,000

0

500

1,000

Zhejiang Jiangsu Fujian Liaoning Chongqing Hubei


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Annualized Rate of Chinese Alumina Output and Y-o-Y Growth Rate

-5

0

5

10

15

2025

30

35

40

45

50

55

60

%

m i l l i o n m e

t r i c t o n s

Alumina Output Growth Rate

Average Daily Alumina Output by Region(metric ton, the right vertical axis is for Shandong)

30,000

40,000

50,000

60,000

0

10,000

20,000

30,000

40,000

Sh an xi Hen an Guang xi Ch ongqing Guizh ou Yunn an Sh an dong

Annualized Rate of Chinese Aluminum Semis Output and Y-o-Y Growth Rate

0

5

10

15

20

25

30

35

30

35

40

45

50

55

60

%

m i l l i o n m e t r i c t o n s

Sem is Out put Grow th R at e

Source: CNIA


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Alumina price remains weakATKASI alumina price continues to decline in December although primary aluminum price rebounds

because demand for alumina from aluminum smelters decreases and inventories of domestic alumina producers increase. At the end of December, the quoted prices of the domestic alumina producers are:

Henan, 1,630-1,670 yuan/t, down by 190 yuan/t compared with the same time of November; Shandong,1,640-1,680 yuan/t, down 190 yuan/t; Shanxi, 1,580-1,640 yuan/t, down 180-200 yuan/t; southwestregion (Guangxi), 1,580-1,630 yuan/t, down 150-160 yuan/t; Guizhou, 1,580-1,620 yuan/t, down 160yuan/t; Inner Mongolia, 1,640-1,680 yuan/t, down 170-200 yuan/t. The average ATKASI price is 1,631yuan/t on December 30, down from 1,813 yuan/t at the end of November. The average monthly ATKASIis 1,679 yuan/t in December, down from 1,942 yuan/t in November.Domestic alumina producers have also reduced output to stabilize alumina price, but it is hard to ease thesurplus on the alumina market, so alumina price will remain weak in the near term.

Average Monthly Spot Price of Imported Alumina, ATKASI and Long-Term Contract Price(yuan/t, tax included)

1,6001,7001,8001,9002,0002,1002,2002,3002,4002,5002,6002,7002,8002,900

Imported ATKASI Long-Term Contract (17.3% SHFE 3M Al)

Daily Spot Price of Non-Chalco Alumina Producers and ATKASI (yuan/t, tax included)

1500

1700

1900

2100

2300

2500

2700

2900

Henan Shandong Shanxi Southwest ATKASI

Source: Antaike


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Import and ExportBauxite imported up in NovemberChina imported 48.780 million tonnes of bauxite in the first eleven months of 2015, a growth of 47.50%from the same period of last year, according to data provided by the Customs.

In November alone, the import was 5.416 million tonnes and the average imported bauxite price (CIF toChinese port) was USD 52.42/tonne (excluding tax).

Chinese Bauxite Import and Average Price (CIF to Chinese Port)

40

50

60

70

01,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

7,000,000

8,000,000

9,000,000

U S D / t C I F

m e t r i c t o n

Import Price

Imported bauxite price from Guinea significantly lower than other African countriesThe bauxite import from Guinea totaled 160,631 tonnes in November 2015 and the price wasUSD57.26/tonne (CIF to Chinese port, excluding tax). The imported bauxite price from Guinea is higherthan that from Malaysia and Australia, but lower than that from India, Brazil and Ghana.

Bauxite Import and Price by Country in November 2015 (CIF to Chinese Port)

(Unit: tonne, USD/t)

(tonne, USD/t) Import inSep 15

Import inOct 15

Import in Nov15

Import inJan-Nov 15

%ChangeJan-Nov 15/ 14

Price Nov 15

PriceOct15

Price Nov 14

India 622,300 553,529 1,116,392 6,815,299 50.54 58.74 59.82 61.44

Malaysia 3,715,680 2,173,679 2,540,388 20,540,758 139.13 45.70 45.12 51.32

Turkey 0 0 0 24 -100.00 - - -

Vietnam 7,744 5,910 4,709 25,759 3029.84 20.47 20.44 20.41

Ghana 59,636 62,289 92,599 696,915 8538.58 82.53 89.87 60.02

Guinea 0 0 160,631 220,566 -70.45 57.26 - -

Madagascar 1 0 1 2 -100.00 5425.70 -South Africa 0 0 0 0.01 - - -

Montenegro 0 0 65,062 115,338 - 69.09 -

Brazil 179,462 55,727 316,076 1,235,345 95.05 71.73 71.04 -

Dominica. 139,606 289,504 0 1,143,950 -28.32 - 57.05 65.60

Guyana 0 63 46 37,693 17.41 949.06 624.08 623.83

Jamaica 0 0 0 0.01 - - -

Australia 2,089,753 1,335,371 1,121,021 17,546,369 27.31 51.90 53.50 60.60

Fiji 0 0 0 172,336 -54.11 - - 51.66

Solomon Islands 0 0 0 230,180 20515039.22 - - -


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Major Origins of Imported Alumina in November 2015 (Unit: tonne, USD)

Major Origins of Imported Primary Aluminum in November 2015 (Unit: tonne, USD)

0

100

200

300

400

500

600

700Chi nese alumina imp ort (k t)

0

50

100

150

200

250

300Chin ese aluminum sc rap import (k t)

(tonne, USD/t)Quantity in

Nov 15

Quantity in

Jan-Nov 15

% Change

Jan-Nov 15/14

Value in

Nov 15

Value in

Jan-Nov 15

% Change

Jan-Nov 15/14

Australia 231,167 2,493,036 -9.44 68,940,390 849,175,257 -10.66India 30,368 625,854 40.26 10,018,351 217,134,614 36.27

Vietnam 26,919 432,596 2.30 6,865,593 149,483,362 2.60

Brazil 63,204 311,777 -42.23 20,677,928 107,732,363 -41.82

Jamaica 0 82,019 -23.58 0 27,716,192 -16.54

USA 30,971 72,939 -10.92 10,042,387 33,625,568 -22.40

Surinam 0 51,503 58.28 0 19,012,607 74.97

Japan 1,315 14,146 52.46 2,367,523 26,018,008 -3.40

Germany 1,235 11,902 114.39 3,787,121 30,544,915 29.06

France 468 10,684 -9.31 407,690 9,986,076 -45.70

Indonesia 140 1,690 - 102,225 1,060,514 -

Korea 66 802 -23.08 107,376 1,312,381 -68.24

Taiwan 26 324 51.55 26,948 307,192 -35.41

Canada 4 274 -7.73 9,200 414,092 -34.47

(tonne, USD/t)Quantity in

Nov 15

Quantity in

Jan-Nov 15

% Change

Jan-Nov 15/14

Value in

Nov 15

Value in

Jan-Nov 15

% Change

Jan-Nov 15/14

Iran 6,229 56,406 507.74 10,002,527 95,007,759 442.01Australia 1,329 22,455 -70.21 2,488,138 46,222,431 -69.92

New Zealand 2,534 19,908 - 4,596,145 44,316,993 -

Oman 0 16,489 -43.17 0 34,676,376 -41.18

Russia 41 9,464 -85.91 67,703 19,688,949 -85.03

India 776 9,390 -57.72 1,542,734 18,078,594 -58.74

Saudi Arabia 0 7,239 -56.12 0 12,987,848 -58.97


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0

20,000

40,000

60,000

80,000

0

5,000

10,000

15,000

20,000

25,000Chi nese pr imary Al import/export (metric to n)

Export Import

0

2,000

4,000

6,000

8,000

10,000

12,000

0

10,000

20,000

30,000

40,000

50,000

60,000Chi nese Al alloy import/export (metric ton)

Export Import

20,000

25,000

30,000

35,000

40,000

45,000

50,000

120,000160,000200,000240,000280,000320,000360,000400,000440,000480,000520,000

Chi nese Al semis import/export (metric ton)

Export Import

1,000

2,000

3,000

4,000

5,000

6,000

60,000

100,000

140,000

180,000

220,000

Chinese other Al products import/export (metric ton)

Export Import

Source: The General Administration of Customs of P. R. China

Macroeconomic operation and money supplyChinas New Yuan Loan, M1, M2

20

25

30

35

40

4550

55

60

0

200

400

600

800

10001200

1400

1600

New RMB loans(bln yuan) (M2-80 trillion yuan) M1 (trillion yuan)

Source: The Peoples Bank of China


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New yuan loans up in NovemberChina's financial institutions issued 708.9 billion yuan (110.8 billion U.S. dollars) of new loans in

November, significantly higher than that in October, according to data provided by the People's Bank ofChina, the central bank.

The M2, a broad measure of money supply that covers cash in circulation and all deposits, rose 13.7%year on year to 137.4 trillion yuan at the end of November.

The narrow measure of money supply (M1), which covers cash in circulation plus demand deposits, grew15.7% year on year to 38.8 trillion yuan.

Shanghai Interbank Offered Rate

Source: China Foreign Exchange Trade System & Nation Interbank Funding Center

ConsumptionReal estate industryThe domestic real estate industry completed investment of 8.7702 trillion yuan with a year on year rise of1.3% in January-November 2015 and the growth rate was 0.7 percentage points lower than that for thefirst ten months of 2015 according to figures provided by the National Bureau of Statistics (NBS).

19.7 19.2 19.5 19.8 19.3

16.8 16.414.7 14.1 13.7 13.2 12.5 12.4 11.9

10.5 10.48.5

6.0 5.1 4.6 4.3 3.5 2.6 2.0 1.30.0

5.0

10.0

15.0

20.0

25.0Investment Growth in Housing Projects (Unit: %)


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The overall floor space of housing projects under construction for all real estate enterprises was 7.23990 billion square meters in January-November 2015, a year-on-year growth of 1.8%. The growth rate was0.5 percentage points lower than that for the first ten months of 2015. Floor space started in the periodwas 1.40569 billion square meters, down 14.7% year on year, versus to a drop of 13.9% for the first ten

months of 2015. Floor space completed in the period was 724.13 million square meters, down 3.5% yearon year, versus to a decrease of 4.2% for the first ten months of 2015.The floor space of marketable dwelling houses sold in January-November 2015 totaled 1.09253 billionsquare meters, up 7.4% year on year. The growth rate was 0.2 percentage points more than that for thefirst ten months 0f 2015.

-30

-20

-10

0

10

20

30

%Y-o-Y Growth of Real Estate Industry Indexes

under construction starting completed sales

In January-November 2015, the land space purchased by real estate enterprises stood at 198.94 million

square meters, down 33.1% year on year, versus to a decline of 33.8% for the first ten months of 2015.The cost on purchasing land was 640.9 billion yuan, down 26.0% year on year, versus to a decline of25.2% for the first ten months of 2015.The national housing development climate index was 93.35 in November 2015, 0.01 percentage pointshigher than that in October of 2015.

Chart: Chinas PMI and the National Housing Development Climate Index

49.00%

50.00%

51.00%

52.00%

92

93

94

95

96

97

98

Housing Development Climate Index PMI

Source: National Bureau of Statistics of P.R. China (NBS)


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Auto output and sales hit record highAutomobile output amounted to 2.5442 million units in China in November 2015, a growth of 17.74%from the same period of last year. In the nation, 2.5088 million units of automobile were sold in

November, rising 19.99%% from a year earlier. Both the monthly output and sales hit record high,

according to data provided by China Association of Automobile Manufacturing (CAAM).

In November, the output and sales volume of motorcycle in China was 1.527 million units and 1.4999million units, respectively down by 18.41% and 18.43% from the same time of 2014.

Chinas Automobile Output, Sales and Motorcycle Output, Sales (Unit: million)

1

1.5

2

2.5

1

1.5

2

2.5

3

Auto Output Auto Sale s Motorcycle Output Motorcycle Sale s

Automobile Output in China in November 2015 (Unit: thousand sets)

Unit: thousand sets Nov15 Jan-Nov 15% Change Nov

15/Oct 15

% Change Nov

15/Nov 14

% Change Jan-Nov

15/Jan-Nov 14

Total Output 2,544.2 21,823.9 16.2 17.7 1.8

Passenger car 2,230.2 18,735.2 17.4 21.6 4.2

Sedan Car 1,193.2 10,405.1 15.6 10.2 -8.2

MPV 220.1 1,876.5 14.8 2.0 7.0

SUV 723.3 5,460.6 20.1 63.6 48.2

Cross Type Passenger Vehicle 93.5 993.1 27.6 -0.4 -18.2

Commercial Vehicle 314.0 3,088.7 8.6 -3.7 -10.5

Coach 59.8 523.1 26.9 3.8 -3.1

Truck 254.2 2,565.6 5.1 -5.3 -11.9

Automobile Sales in China in November 2015 (Unit: thousand sets)

Unit: thousand sets Nov 15 Jan-Nov 15% Change Nov 15/

Oct 15

% Change Nov

15/Nov 14

% Change Jan-Nov

15/Jan-Nov 14

Total Sales 2,508.8 21,786.6 12.9 20.0 3.3

Passenger car 2,196.8 18,681.3 13.4 23.7 5.9

Sedan Car 1,170.6 10,420.3 11.0 9.1 -6.3

MPV 218.4 1,834.1 13.2 8.8 7.9

SUV 716.2 5,422.4 15.1 72.1 51.1

Cross Type Passenger Vehicle 91.6 1,004.5 35.5 7.0 -19.0

Commercial Vehicle 312.0 3,105.4 9.6 -1.1 -9.7


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Coach 56.9 521.0 18.4 1.3 -3.2

Truck 255.1 2,584.3 7.8 -1.7 -10.9

Source: CAAM

OutlookSHFE 3-months aluminum will be traded in a range of 10,500-11,300 yuan/t and the LME3-months contract will move in USD1,450-1,600/t in January, Antaike forecasts.

Output of Major Industrial Products in China in November 2015Unit: Output Output % Change % Change

Products November 15 January-November 15 November 15/14 January-November 15/14

Crude oil (mln tonne) 17.66 196.588 -0.5 2

Iron ores (mln tonne) 117.534 1252.265 -7.5 -8.6

Gasoline (mln tonne) 10.137 110.369 8.5 9.6

Kerosene (mln tonne) 3.134 33.236 27.3 21.8

Diesel oil (mln tonne) 14.991 164.361 -2.8 1.6

Coking coal (mln tonne) 36.661 412.317 -7.8 -5.5

Cement (mln tonne) 204.944 2147.092 -6.6 -5.1

Flat glass (mln weighting box) 60.694 693.383 -3.4 -7.9

Pig iron (mln tonne) 53.672 638.464 -0.8 -3.1

Crude steel (mln tonne) 63.315 738.378 -1.6 -2.2

Steel products (mln tonne) 93.961 1028.123 2 1

Ten kinds of nonferrous metals (mln tonne) 4.44 47.046 1.4 7.5

Metallurgical equipment (tonne) 61988.7 582554.2 -15.9 -12.4

Air-pollution treating equipment(unit) 32861 323146 14.9 6.6

Automobile (mln units) 2.551 22.237 16 1.4

Electricity generation equipment(mln kw) 11.174 113.254 -7.9 -12.6

Alternating current motor(mln kw) 24.594 258.129 -6.3 -5.1

Household washing machine (mln units) 6.374 65.907 -6.9 1.5

Household refrigerator(mln units) 6.608 83.933 -2.5 -1.4

Household Ice-box(mln units) 1.786 19.543 1 1.5

Air conditioner(mln units) 10.722 144.167 -6 -0.4

Mobile phone (mln units) 190.489 1611.975 13.1 2.9

Integrated computer (mln units) 33.87 326.48 -24.7 -11.6

Microcomputer equipment (mln units) 29.419 284.776 -23.5 -12.7

Integrated circuit ( bln units ) 10.19 99.66 10.2 8.1

Color television(mln units) 15.648 145.979 13.7 6.4

Electric power (bln kwh) 466.04 5125.67 0.1 0.1

Of which: coal-fired electricity (bln kwh) 353.18 3823.16 -1.5 -2.4

hydroelectricity (bln kwh) 77.62 925.86 3 3.6

Source: National Bureau of Statistics of P. R. China (NBS)


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China Primary Aluminum Supply/Demand Balance 2012-2015 (kt)(kt) 2012 2013 2014 2015 (f)Output 22,300 24,900 28,200 31,020Net import +400 +260 +170 +130Supply 22,700 25,160 28,370 31,150Consumption 22,050 24,850 28,050 30,600Market balance +650 +310 +320 +550

China Alumina Supply/Demand Balance January-November 2015 (Unit: kt)(kt) Jan 15 Feb Mar Apr May Jun Jul Aug Sep Oct Nov 15Output 4,810 4,350 4,850 4,770 4,850 4,790 5,010 5,030 4,810 5,130 4,850

Net import 390 330 220 310 310 220 540 350 310 560 450

Supply 5,200 4,680 5,070 5,090 5,160 5,010 5,550 5,390 5,120 5,690 5,300

Primary aluminum production 2,530 2,370 2,590 2,560 2,620 2,630 2,680 2,660 2,590 2,640 2,550

Demand formetallurgical-gradealumina

4,880 4,570 5,000 4,950 5,060 5,070 5,160 5,140 5,000 5,100 4,910

Demand forchemical-grade alumina 167 167 167 167 167 167 167 167 167 167 167

Total demand 5,050 4,740 5,170 5,120 5,230 5,240 5,330 5,300 5,160 5,260 5,080

S/D balance 150 -60 -100 -30 -70 -220 220 90 -40 420 220

Source: China Customs, Antaike

NewsIndust rial Poli cy, Foreign Investment & Trade

Shandong Weiqiao: first

bauxite cargo from

Guinea arrive at Binzhou

port

The first batch of bauxite from Guinea arrived at Yantai port onDecember 12, 2015, which indicate that WINNING CONSORTIUMcomprising of Singapore Wining International Group, China HongqiaoGroup Limited (Shandong Weiqiao), China Yantai Port Group and GuineaUMS have made a success in forming a new Sea Silk Road from Kamsar

port of Guinea to Binzhou port of Chinese Shandong province.On March 26, 2015, WINNING CONSORTIUM started construction of

an inner harbor at Boke of Guinea.On July 20, the inner harbor was put into operation. The first batch of

bauxite was loaded to two 8,000T barges at the newly-built inner harbor.The shipping ceremony was witnessed by Guineas President AlphaConde, CNIA vice chairman Wen Xianjun, Shandong Weiqiao Group vicechairman Zhang Bo, Winning International Group chairman Sun Xiushun,Yantai Port Group chairman Zhou Bo and other high-ranking officials ofGuinea, China and the companies.

On September 25, the vessel Winning Confidence loading with 180kt bauxite left Guinea for China.

On November 16, the vessel Winning Confidence arrived at Yantai portand then the bauxite cargo was transferred to Binzhou port by barges.


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Chinalco Chairman Ge

Honglin visits Australia

and Indonesia to

strengthen cooperationon development of

bauxite resource

Mr. Ge Honglin, the Board Chairman of Aluminum Corporation ofChina (Chinalco), paid visits to Australia and Indonesia on November23-27 to strengthen cooperation on development of bauxite resource in the

two nations.The Chinalco Chairman on November 24 met with Rio Tinto Chairman

Jan du Plessis and other high-ranking officials, discussing and exchangingviewpoints on development of Simandou iron ore project, bauxite trade,technological innovation and joint-venture exploration. Before themeeting, the Chinalco Chairman arrived at Weipa bauxite mine on

November 23 to make a good understanding on the bauxite mines production, expansion plan, mining facilities, transportation and shipment.

On November 27, Mr. Ge Honglin met with Ms Retno Marsudi, theState Enterprises Minister of Indonesia, discussing collaboration in thealuminum industrial chain including bauxite development, alumina &aluminum production technology and facility, etc.

Henan Yulian Group

signs cooperation

agreement with Russian

Vi Holding

Henan Yulian Group signed cooperation agreement with Russian ViHolding in Beijing on December 17, 2015. Mr. Zhang Hongen, thechairman of Henan Yulian Group, Mr. Valery Krasnov, the chairman of ViHolding, and other high-level officials of the two companies, attended thesigning ceremony. The signing ceremony was witnessed by ChinasPremier Li Keqiang and Russias Prime Minister Dmitry Medvedev.

Holding is an international investment and industrial group ofcompanies with Russian capital. The group employs an experiencedmultinational team of managers and specialists. For over 20 years ViHolding has been specializing on developing and implementinglarge-scale integrated projects in non-ferrous metallurgy, mineral miningand processing industry, power generation, real estate and innovation. Itstotal assets exceed USD6.0 billion. Since 2006, Vi Holding has investedUSD400 million in Henan Yulian Group, becoming the largest investment

project of Russian company in China.Henan Yulian Group is a large-sized international aluminum

deeply-processing enterprise. The company commissioned an 600ktpy hotrolling project at the end of 2013 and plans to put the 400 ktpy cold rolling

project into production in 2016. Henan Yulian Group and Vi Holding willwork together to push forward the high-precision FRPs project.

Officials of Japanese

Yaskawa Electric visit

Chalco Shanxi Xinghua

Science & Technology

Co., Ltd.

A delegation comprising of seven officials from Japan-China EconomicAssociation and Yaskawa Electric (China) Co., Ltd. recently paid a visit toChalco Shanxi Xinghua Science & Technology Co., Ltd. (at Jiaokoucounty of Shanxi province) to get a good understanding on the Chalco

branch and its development plan and seek for cooperation opportunity on


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energy saving, environmental protection technology and facility, new-typealuminum materials and so on.

Yaskawa Electric (China) Co., Ltd. is wholly owned by JapaneseYaskawa Electric Corporation. Yaskawa Electric is one of the leading

suppliers of AC servos, AC inverters, CNC controller systems, robotics,and systems integration in the world.

Bauxite & AluminaChalco Maochang bauxite

mine to begin production

Chalco Guizhou Branch is going to put the newly-built bauxite mine project into production at Maochang of Qingzhen city of Guizhou province.

With total investments of 500 million yuan, Maochang bauxite mine iscapable of producing 1.00 million tonnes of bauxite per year. The servicelife is 36 years.

It is the first underground bauxite mine of Chalco Guizhou Branch.Chalcos first underground bauxite mine is in Nanchuan of

Chongqing, owned by Chalco Chongqing Alumina Co., Ltd..

Chalco Shanxi Xinghua

successfully produces

eucrystalline low-sodium

sandy alumina

Chalco Shanxi Xinghua Science & Technology Co., Ltd. (at Jiaokoucounty of Shanxi province) said it has successfully producedeucrystalline low-sodium sandy alumina, which is widely used in fineceramics, high temperature refractory, electrical porcelain device,automotive spark plugs and the high alumina porcelain, wear-resisting,

electronic substrate, etc.The company put its first aluminum hydroxide project with a capacity

of 350ktpy into production in early 2015. The next step is to build thesecond 350ktpy aluminum hydroxide project and other associated

production lines of high-quality chemical-grade alumina and othernew-type aluminum-base materials with high-added value. Theinvestments total 1.34 billion yuan.

The company has outlined a long-term development plan: to invest16.6 billion yuan (including that in the aluminum hydroxide project) inthe next five years and grown into one of global leading producers ofnew-type aluminum-base materials with a capacity of 2.30 million tpyincluding five big groups and 30 kinds products.

AluminumChina eliminates backward

capacities

China eliminated backward capacities including 510 ktpy aluminumsmelting capacity, 760 ktpy copper smelting capacity, 360 ktpy lead andzinc smelting capacity, 4,860 MW power generation, 230 million tpycoal, 28.23 million tpy iron and 31.13 million tpy steel, 18.53 million tpycoking coal, 2.62 million tpy ferroalloy, 87.73 million tpy cement, 5.47

million tpy paper making, 114 ktpy rare earths in 2014, according to


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source from the Ministry of Industry and Information Technology(MIIT).

The electric power, coal, iron & steel and other fourteen industriesachieved the goal of eliminating outdated capacity in 2014.

China Hongqiao Group

reaches agreements with

clients on daily quotation

of aluminum ingot

China Hongqiao Group (also called as Shandong Weiqiao) said it hasreached agreements with the downstream clients on daily quotation ofaluminum ingot. The quoted price of its primary aluminum ingots was10,230 yuan/t (tax included) on December 1.

The quotation of domestic aluminum producers used to refer to the price on Shanghai Changjiang Nonferrous Metals Spot Market andGuangdong Nanchu Nonferrous Metals Spot Market. But the two spotmarkets always follow the SHFE. Since the start of this year, the SHFEnonferrous metals futures contracts prices have been more volatile.Especially in recent few months, speculative funds have built largeamount of short positions on the SHFE, pushing down the pricesincluding copper, aluminum, lead & zinc, nickel and tin. The oversold onthe SHFE has not reflected the real market supply/demand situation.

The aluminum price of China Hongqiao reflects the market situationin the local area and the price and is in line with the market trend

basically. The pricing is relatively independent, transparent and fair.

Inner Mongolia Holingol

sees aluminum industrygrowing rapidly

The total aluminum smelting capacity of the aluminum smelters in

Holingol city of Inner Mongolia will reach 1.68 million tpy at the end of2015, up by 500 ktpy from 2014, according to source from the localgovernment.

The other parts of the coal-power-aluminum industrial chain have alsogrown rapidly in recent few years. In 2015, the coal-fired power capacityincreases by 1,320 MW year on year to 4,220 MW at the end of 2015. In

November of 2015, Jinlian Jinlian Aluminum Semis Co., Ltd. began to put two new 660 MW power generation units into production.

Holingol boasts abundant coal resource. Furthermore, open-pit miningtechnology can be used to develop the local coal resource and thus the

production cost of the local coal mines is relatively low. Afterore-dressing, the high-grade coal are sold to other provinces and regionsand the low-grade coal are used by near power stations including thoseof local aluminum smelters.

Aluminum industrial

structure adjustment and

upgrading project to be

launched in Baotou

Aluminum Corporation of China Limited (Chalco) recently approvedconstruction of Inner Mongolia Huayun New Material Co., Ltdsindustrial structure adjustment and upgrading project in Baotou.

Set up in Baotu city in August 2015, Inner Mongolia Huayun is a joint

between Chalco (50%) and Baotou Jiaotou Group (50%). The two


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partners plan to invest about 6.0 billion yuan in building an 500tpyaluminum smelter project and an 3350MW coal-fired power project.

Henan Jiaozuo Wanfang

mulls industrialtransformation

Jiaozuo Wanfang Aluminum Co., Ltd. said it is currently considering

industrial transformation in view of the severe overcapacity and biglosses in the domestic aluminum smelting industry.

Moreover, the government has issued a series of macro-adjusting policies and acquisition & merger will be inevitable in the coming years.

The company has a newly-built 2300MW coal-fired power stationand coal price has kept falling, but it has slipped into the red in recentmonths due to a slump in aluminum price.

Coal and Carbon Anode Block, Electric PowerChina to reduce on-grid

power tariff for coal-fired

power stations

Approved by the State Council, China will reduce on-grid power tarifffor coal-fired power stations as of January 1, 2016. The reduction in the

price varies with province/regions and the average level is about 0.03yuan/kWh in the nation.

The on-grid power tariff has been in line with coal price movement inChina since 2012. According to the policy of on-grid power tariff linkingwith coal price, the on-grid power tariff should be adjusted if coal pricerises or declines by 5% or above.

The Qinhuangdao Thermal Coal Price Index was 520 yuan/t at thestart of 2015 and dropped to 372 yuan/t at the end of 2015.

China requires coal-fired

power stations to

modernize technology and

facility to meet higher

standard

The State Council, Chinas cabinet, on December 2 made a decisionthat all coal-fired power stations (including the captive coal-fired powerstations of aluminum smelters) should upgrade technology and facility tofurther reduce coal consumption and pollutant emission in the comingfew years.

The new standard is that the average coal consumption should be lessthan 310 kg/kWh for all existing coal-fired power stations and less than300 kg/kWh for all new coal-fired power stations by 2020 nationwide.Of which, the coal-fired power stations in the east region and the centralregion should meet the new standard by the end of 2017 and 2018,respectively.

After the upgrading, the pollutant emission of coal-fired power stationshould be lowered to the level of the existing natural gas-fired powerstations, according to the new standard.

Coal-fired power stations need to increase investments indesulfurization equipment and other environmental protection facilities.It is estimated that the cost will increase by 0.025 yuan/kWh.


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China strengthens

management on

enterprises captive

coal-fired power stations

The National Development and Reform Commission (NDRC),Chinas industrial policymaker and watchdog, recently issued a series of

policies on reform of electric power. One of the policies is the Guideline

on Strengthen Management on Enterprises Captive Coal-Fired PowerStations.

Enterprises captive coal-fired power stations can reduce power costand play a key role in maintaining supply/demand balance in electric

power market, NDRC said in the guideline.Enterprises have built large amount of captive coal-fired power

stations in recent years and the market share has gradually increased. Itis necessary to adopt the same policies as that for public power stationsto manage the enterprises captive coal-fired power stations, NDRC saidin the guideline.

The same policies as that for public power stations mean that:1. The same market assess standard for any new enterprises

captive coal-fired power station project. It is necessary for enterpriseto obtain approval from relevant government departments beforeconstruction of any captive coal-fired power station project. Anynew enterprises captive coal-fired power station project should be inline with the relevant industrial policy. Furthermore, it is not allowedto build any new enterprises captive coal-fired power station projectin Beijing-Tianjin-Hebei, the Yangtze River Delta and the Pearl

River Delta, etc.2. The same technical standard for any existing and new

enterprises captive coal-fired power station project, such as the coalconsumption/kWh.

3. The same environmental protection standard for any existingand new enterprises captive coal-fired power station project, such as

pollutants emission.4. The same social responsibility for any existing and new

enterprises captive coal-fired power station project. Like the public power stations, enterprises captive coal-fired power stations alsoshould pay the several government funds and policy funds includingthe National Major Hydraulic Project Construction Funds, RuralPower Grid Repayment Funds, Recycled Energy DevelopmentFunds, Large-Sized Reservoir Immigrant Supporting Funds, etc.

NDRC said in the guideline requiring various local authorities offinance to strengthen supervision on the fund payment of localenterprises captive coal-fired power stations. NDRC said in theguideline that it is not allowed for any local government to removethe government funds and policy funds for any enterprises captive

coal-fired power station project.


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Guangxi Baise: regional

power grid project well

underway

Construction of a regional power grid project for local aluminumsmelters has been underway smoothly in Baise prefecture of Guangxi

Zhuang Autonomous Region since the project was kicked off on August1, 2014.

The stage 1 project includes construction of five 220kv powertransmission lines: Xinshan district of Tianyang county is the start of thefive transmission lines and the end is the aluminum smelter of ShandongXinfa (Jingxi) Aluminum & Power Co., Ltd., the aluminum smelter ofGuangxi Suyuan Aluminum & Power Co., Ltd., the aluminum smelter ofBaise Baikuang Aluminum & Power Co., Ltd., etc. The investments inthe stage 1 project total 933.42 million yuan.

Baise prefecture includes Pingguo, Tiandong, Tianyang, Jingxi, Debaocounties and Baise city, etc. Thanks to rich bauxite resource, thealuminum industry developed quickly before 2010 but has slowed downin recent years due to relatively high power rate. The power rate is hardto decrease because of monopoly of the power grid company. So, theGovernment of Guangxi Zhuang Autonomous Region has outlined adevelopment plan to build the regional power grid in order to revive thelocal aluminum smelting industry. According to the development plan ofGuangxi government, 80% of the local alumina should be processed into

primary aluminum by the aluminum smelters in Guangxi by 2025. At

present, about 80% of the local alumina are sold to the aluminumsmelters in other regions such as Gansu and Xinjiang.

StatisticsChinese Primary Aluminum Output by Region in November 2015 (Unit: tonne)

Region November 15 January-November 15 % Change January-November 15/14 October 15 November 14

Chinese total 2,683,182 29,099,889 10.45 2,674,883 2,128,096

Hebei776 11,431 -21.64 912 1,035

Shanxi 52,301 608,558 -20.61 53,156 62,145

Inner Mongolia 208,441 2,382,893 11.27 219,554 214,209

Liaoning 48,740 425,559 89.39 44,976 18,657

Fujian 9,849 126,525 -3.03 10,921 11,715

Shandong 695,682 7,391,677 9.16 671,268 225,991

Henan 274,081 2,937,529 -5.16 275,514 284,465


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Hubei 7,051 96,941 -46.42 8,720 17,023

Hunan 25,616 304,946 0.25 25,391 25,803

Guangxi 49,458 525,532 12.24 49,770 49,260

Chongqing 42,496 567,727 -0.81 43,193 53,439

Sichuan 24,122 330,319 -13.21 28,552 38,513

Guizhou 77,060 790,335 37.55 78,215 61,207

Yunnan 100,619 1,105,168 19.10 110,531 87,257

Shaanxi 51,786 584,130 -5.29 50,436 51,822

Gansu153,287 2,165,791 11.55 184,538 187,565

Qinghai 175,208 2,013,803 -6.09 170,661 199,415

Ningxia 90,095 1,111,663 -12.20 85,570 111,761

Xinjiang 596,514 5,619,361 47.46 563,006 426,166

Note: 1. All the figures listed above are from China Nonferrous Metals Industry Association (CNIA).

2. The original CNIA table only includes the data of output of the month, output of year up to the month and the % change. The

data on output of the month a year earlier and the previous month come from the CNIA data released a year earlier and a month earlier

respectively.

Chinese Alumina Output by Region in November 2015 (Unit: tonne)


Chinese Total 4,797,923 52,196,079 10.18 4,732,945 4,181,738

Shanxi 869,995 9,811,365 19.42 847,497 840,183

Inner Mongolia 64,000 459,531 43.06 64,000 15,000

Shandong 1,618,415 17,416,116 8.43 1,556,102 1,093,638

Henan 1,069,012 11,952,313 5.33 1,052,319 1,050,110

Guangxi 697,714 7,743,813 5.93 738,105 637,449

Chongqing 34,122 547,369 -6.35 52,317 20,208

Guizhou 358,402 3,359,113 23.36 332,965 388,050

Yunnan 86,263 906,460 11.86 87,557 134,931

Note: All the figures listed above are from China Nonferrous Metals Industry Association (CNIA).


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Imports and Exports of Al Products in November 2015

Import Quantity in

Nov 15

Quantity in

Jan-Nov 15

Y-o-Y

Jan-Nov

Value in

Nov 15

Value in

Jan-Nov 15

Y-o-Y

Jan-Nov

(Unit:) Tonne Tonne % USD USD %

Bauxite 5,416,925 48,780,535 47.50 284,008,641 2,594,402,098 38.07

Alumina 385,961 4,109,770 -11.39 124,094,856 1,474,877,688 -12.23

Unwrought aluminum alloys 6,610 61,783 -23.08 13,827,750 142,283,566 -26.12

Aluminum waste and scrap 154,084 1,919,761 -7.59 196,157,910 2,667,421,463 -14.43

Primary Al Sub-total 11,683 148,458 -44.14 20,412,089 291,413,138 -45.33

Al semis

Sub-total 36,077 432,318 -4.60 214,346,903 2,574,853,799 -5.85

Powder 76 1,102 -30.70 1,019,168 13,114,487 -24.87

Bar, rod, section 7,007 61,988 3.46 36,460,186 349,740,212 8.47

Wire 734 7,699 -2.47 4,320,554 46,153,446 -8.48

Sheet & strip 22,906 299,913 -4.99 88,213,812 1,205,248,768 -4.75

Foil 4,411 51,397 -5.85 75,670,214 860,440,173 -9.88

Tube 942 10,220 -24.36 8,662,969 100,156,713 -19.55

Other products (window, door, etc) 3,120 34,811 -7.86 61,397,412 688,148,091 -7.56

Export

Bauxite 380 2,106 -60.14 115,752 602,573 -68.37

Alumina 78,105 285,355 146.53 31,395,080 135,282,917 28.28

Unwrought aluminum alloys 46,648 485,018 -6.95 92,135,002 1,015,266,235 -9.79

Aluminum waste and scrap 58 904 2.86 117,661 1,719,387 21.53Primary Al Sub-total 2,648 26,813 -71.93 4,596,688 58,986,267 -70.08

Al semis

Sub-total 397,419 3,823,437 20.38 1,310,419,304 11,930,764,746 15.68

Powder 647 9,514 1.86 2,806,436 44,646,782 -5.07

Bar, rod, section 201,911 1,066,173 58.49 765,642,379 3,829,125,536 66.79

Wire 1,701 22,948 14.40 6,955,422 88,275,133 -3.66

Sheet & strip 113,479 1,720,691 11.51 273,213,418 4,422,459,213 2.22

Foil 71,563 867,784 9.76 223,793,965 2,926,653,590 1.02

Tube 8,117 136,326 -2.85 38,007,684 619,604,492 -5.49

Other products ( window, door, etc) 162,721 1,800,800 8.42 779,353,743 8,787,400,096 5.59

Note: 1. Figures are provided by the General Administration of Customs of P. R. China

2. All Imports/exports of commodity are in physical weight.


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LME and SHFE Aluminum Trade Volume Weighted Average PriceLME: USD/t SHFE: yuan/t(tax included)

LME cash settlement LME 3-month SHFE spot month SHFE 3- month

2010 average 2,173 2,198 15,791 16,104

2011 average 2,398 2,422 16,833 16,870

2012 average 2,019 2,051 15,706 15,795

2013 average 1,846 1,888 14,561 14,592

Change Average 13 /12 -8.6% -8.0% -7.3% -7.6%

January 2014 1,726 1,770 14,026 13,943

February 2014 1,694 1,737 13,464 13,531

March 2014 1,703 1,746 13,133 13,287

April 2014 1,809 1,847 12,843 13,007

May 2014 1,749 1,791 13,235 13,349June 2014 1,834 1,869 13,322 13,533

July 2014 1,945 1,967 13,437 13,608

August 2014 2,030 2,038 13,963 14,083

September 2014 1,992 2,023 14,478 14,643

October 2014 1,938 1,956 14,097 14,002

November 2014 2,054 2,041 13,728 13,865

December 2014 1,913 1,929 13,517 13,511

2014 average 1,866 1,893 13,604 13,705

Change Average 14 /13 +1.1% +0.3% -6.6% -6.1%January 2015 1,808 1,822 12,939 12,936

February 1,820 1,837 12,870 13,024

March 1,772 1,781 12,954 13,021

April 1,817 1,808 13,255 13,258

May 1,805 1,838 13,259 13,363

June 1,683 1,723 13,008 13,081

July 1,638 1,679 12,498 12,488

August 1,539 1,570 12,180 12,210

September 1,588 1,604 11,879 11,937

October 1,524 1,547 11,702 11,633

November 1,465 1,481 10,622 10,418

December 2015 10,180 10,231

Source: SHFE, LME


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LME and SHFE Reported Aluminum Stocks in Late of the Period (kt)2009 2010 2011 2012 2013 2014 Aug 15 Sep15 Oct15 Nov15 Dec15

LME (kt) 4.629 4.275 4,970 5,217 5,467 4,210 3,276 3,187 3,081 2,905 2,914

SHFE (kt) 298 441 208 442 181 207 311 288 280 283 296

Source: SHFE, LME

Aluminum Arithmetic Average Price (A00, 99.7%) on Chinese Spot Markets (yuan/t, tax included)Market 2013 Q1 14 Q2 14 H1 14 Q3 14 2014 Q1 15 Q2 15 H1 15 Q3 15 Nov 15 Dec 15

Nanhai 14,543 13,297 13,171 13,233 14,171 13,581 12,941 13,009 12,978 12,068 10,125 10,609

Changjiang 14,490 13,158 13,123 13,140 14,053 13,473 12,848 12,964 12,908 12,000 10,113 10,525

Note: Guangzhou Nanhai Nonferrous Metals Spot Market (Guangzhou) is located in Guangdong Province, South China. Changjiang

Nonferrous Metals Spot Market (Changjiang) is located in Shanghai City, East China.

ATKASI and Imported Spot Alumina Arithmetic Average Price (yuan/t, tax included)2010 2011 2012 2013 2014 Aug 15 Sep15 Oct 15 Nov15 Dec15

ATKASI 2,750 2,781 2,611 2,498 2,541 2,333 2,275 2,181 1,942 1,679

Imported 2,883 2,975 2,701 2,622 2,624 2,516 2,398 2,270 2,069 1,800

Note: ATKASI is the short for Antaike Alumina Spot Index. It is the average price of non-Chalco alumina producers in Shandong, Shanxi,

Henan and the southwest regions.

Domestic Suppliers Quotations of Aluminum Related Products (yuan/t, tax included)Products Company Price in mid-December 2015

Primary aluminum ingot Guangdong Nanchu Storage Co., Ltd. (Foshan city of Guangdong province) 10,710-10,810

Primary aluminum ingot East Branch of Guangdong Nanchu Storage Co., Ltd. (Shanghai, Zhejiang) 10,660-10,700

Primary aluminum ingot Huabei Supply and Marketing Co., Ltd. (Tianjin) 10,700

Al wirerod 9.5mm Fujian Nanping Aluminum Co., Ltd. 11,640

Aluminum alloy profile Fujian Nanping Aluminum Co., Ltd. 22,800

Aluminum alloy profile Shandong Huajian Aluminum Co., Ltd. 19,000

Aluminum hydroxide Aluminum Corporation of China Limited (Chalco) Guangxi Branch 1,600

Aluminum hydroxide Aluminum Corporation of China Limited (Chalco) Henan Branch 1,335

Alumina Chalco Henan Branch (Zhengzhou city of Henan province) 1,860

Anode Carbon Block Aluminum Corporation of China Limited (Chalco) Henan Branch 3,100

Anode Carbon Block Chalco Guangxi Branch (Pingguo Aluminum) 3,100

Iron fines( TFe 55) Chalco Guangxi Branch (magnetic separation; made from red mud) 344

Cryolite Henan Jiaozuo Minli Industry Co., Ltd. 5,800

Aluminum fluoride Henan Jiaozuo Minli Industry Co., Ltd. 7,000

Source: Antaike


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Energy-saving Equipment -- Stepped Cooling Equipment forDecomposition Tank of Alumina Refinery

NJKC-101 Air-cooling and Water-cooling Integrated Heat

Pipe ExchangerAlumina refineries have always been adopting broad-flow stainless steel plate heat exchanger for manyyears for stepped cooling of decomposition tank, with slurry pump equipped for delivering slurry into plate

heat exchanger, so as to realize cooling by heat convection with circulating cooling water. Each production

line is equipped with 6 sets.

Service rating of slurry pump is 132KW per set. Each production line is equipped with 6 sets, and the

consumption of electric energy is about 700 degrees per hour, 16800 degrees per day and 6132000 degrees per

year as per calculation of 90% load.

As traditional cooling equipment, plate heat exchanger and slurry pump consume high energy, and are

easily subjected to scab, jam and damage as well. Thus, it requires frequent maintenance and high

maintenance costs.

Through many experiments, Nanjing Kechen Energy Saving Equipment Co., Ltd has successfully

developed NJKC-101 Air-cooling and Water-cooling Integrated Heat Pipe Exchanger (title of invention:

Cooling Heat Pipe Exchanger for Alumina Refinery Decomposition Tank, patent number: ZL201110210358.3),

which is applied in production process of stepped cooling of decomposition. This new type of heat exchanger

requires no slurry pump without power loss during running. It only needs circulating cooling water with

hydraulic pressure of 0.3Pa 0.4Pa, then bringing you the outstanding cooling effect, reliable operation and

zero maintenance. It is easy to conduct maintenance and the life span of this heat pipe exchanger is more than

6 to 8 years. Compared with plate heat exchanger, it can

save 100% slurry pump electric power.

As shown in figure 1, heat pipe absorbs heat by

hot arc and delivers heat to working fluid (liquid). After

working medium has absorbed heat, it will transform

into vapor in the form of boiling and evaporation. Under

the effect of differential pressure, vapor goes up to cold

side and coagulates into liquid, releasing latent heat of

vaporization. Then heat passes on to the cold fluid

(circulating cooling water) in cold side. Condensed fluid

back flows to hot side by gravity. Since the lumen of heat

pipe has been pumped to high vacuum, working fluid is rather liable to boil and evaporate. With quick starting,

high-efficient heat transport and independent work of heat pipe, the running of heat pipe has no power loss

without virtue of external power.

Figure 1 : Schematic Diagram of Gravity Assisted Hea t Pipe
http://www.antaike.com/http://dict.youdao.com/w/schematic/http://dict.youdao.com/w/diagram/http://dict.youdao.com/w/gravity/http://dict.youdao.com/w/assisted/http://dict.youdao.com/w/heat/http://dict.youdao.com/w/pipe/http://dict.youdao.com/w/pipe/http://dict.youdao.com/w/heat/http://dict.youdao.com/w/assisted/http://dict.youdao.com/w/gravity/http://dict.youdao.com/w/diagram/http://dict.youdao.com/w/schematic/http://www.antaike.com/


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Figure 2: Diagram of Heat Pipe Exchanger Installation and WaterSupply and Drainage

Figure 3: Installation of Heat Pipe Exchanger on the Top Plate of

Decomposition TankAs shown in this figure, 210 sets of heat pipe exchangers can be installed. Installation amount is decided

according to different cooling requirement of all levels of decomposers (the installation amount for

decomposers at all levers is more than 140 pieces but less than 210 pieces).

Heat pipe exchanger for decomposition tank in normal production operation can reach the result of being

free from clean, maintenance, incrustation and scab.

Address: Nanjing Qixia Economic Development Zone

Postcode: 210034 Company Website: www.kechen.cn

Contact: Mr. Wang Telephone: 0086-(0)25-85700138

Fax: 0086-(0)25-85706128 E-mail: [email protected]

1. Decomposer 2. Top Plate of Decomposer

3. Stirrer 4. Slot WallR. Heat Pipe Exchanger 12. Water Inlet Connector

13. Water Let Connector L. Heating Period

M. Cooling Side 14. Water Supply Line

15. Water Supply Connection Rubber Hose 16. Drain Line

17. Drainage Connection Rubber Hose

18. Top Installation Framework 19. Flat Bag Strap

20. Drainage Installation Holder 22. Driving Device

Amplification Schematic Diagram of Installation Framework Part

10# Groove Steel Heat Pipe

Shroud Ring

FasteningScrew M12X50

As per the acutal size

A s e r

t h e a c u

t a l s i z e
http://www.antaike.com/http://www.kechen.cn/http://www.kechen.cn/http://www.kechen.cn/http://www.kechen.cn/http://www.antaike.com/

Aluminum Monthly Report of China

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