According to the calculation of Aetna, in February 2022, the weighted average cost (including tax) of electrolytic aluminum in China was 17249 yuan / ton, an increase of 663 yuan / ton or 4.0% month on month; The manufacturing cost including tax was 16091 yuan / ton, an increase of 4.2% month on month; Aluminum prices continued to rise sharply. The average contract price of Shanghai aluminum was 22772 yuan / ton, up 7.1% month on month. The profitability of electrolytic aluminum enterprises is still considerable, with a profit level of 5523 yuan per ton of aluminum, realizing the profitability of the whole industry.
The increase in cost this month was mainly due to the rise in alumina and anode prices. In February, the average spot price of Aetna alumina was 3254 yuan / ton, up 16.0% month on month; The average price of anode was 5288 yuan / ton, up 6.1% month on month. The performance of electricity cost is relatively stable. In February, the comprehensive electricity price of aluminum enterprises was 0.45 yuan / kWh, which was basically the same as that in January, but the difference in electricity prices among different enterprises is still obvious. The electricity prices in Henan, Liaoning and other provinces / regions are more than 0.6 yuan / kwh; The electricity price in Xinjiang, Qinghai and other provinces / regions is 0.3-0.37 yuan / kWh, and the price difference is 0.3 yuan / kWh. In terms of manufacturing cost composition, alumina, electricity and anode account for 92.5%.
In March, although the price of alumina was in a downward trend, the anode and coal prices remained high during the procurement period, and it is expected that the cost of electrolytic aluminum will not decrease significantly.
