Aluminum Market Report October 2014

Content
Abstract 3
1 Financial overview 4
1.1 Domestic financial overview 4
1.1.Asian Metal Copyright1.Asian Metal Copyright1 CPI up by 1.Asian Metal Copyright6% and PPI down by 1.Asian Metal Copyright6% and PPI down by 1.8% YOY in September 4
1.1.Asian Metal Copyright8% YOY in September 4 1.Asian Metal Copyright2 PMI down by 0.3% in October 4
1.2 International financial overview 5
1.2.1 Crude oil futures prices continue to fall back 5
1.2.2 US dollar continues to strengthen in October 6
2 Company news 7
3 Chinese domestic market review 7
3.1 Aluminum ingot prices shocks down in October 7
3.2 Prices for Chinese homegrown alumina increase to some extent 8
3.3 Carbon anode prices linger at low levels 9
3.4 Aluminum fluoride market steady 10
3.5 Influenced by aluminum ingot price slide, Chinese secondary aluminum alloy ingot price in several regions decreased slightly 11
4 International market review 11
4.1 LME aluminum price shocks up during October 11
4.2 LME aluminum inventories continue to decline 12
4.3 Malaysian bauxite price slides down 13
4.4 Indian bauxite price edges up but deals thin 13
4.5 Indonesian bauxite prices at low levels in Chinese market 13
4.6 Chinese aluminum fluoride export market moves slowly 14
4.7 Imported alumina prices increase slightly 14
4.8 Chinese secondary aluminum alloy ingot export price stable 15
5 Production data 16
5.1 Imported bauxite stocks in China down by 0.6% MOM in late October 16
5.2 Chinese aluminum fluoride stocks up by 17.04% MOM in late October 17
5.3 Chinese aluminum fluoride output down by 7.58% MOM in October 19
5.4 Chinese primary aluminum output up by 2.48% MOM in October 19
5.5 Xinjiang primary aluminum output from Jan-Oct in 2014 up by 94.09% YOY 21
5.6 Aluminum ingot stocks down by 4,000t in late October on the Chinese market 22
5.7 China’s imported alumina stocks down by 14.28% MOM 23
5.8 China’s alumina production up by 3.8% MOM in October 23
5.9 China’s alumina stocks down by 7% MOM in late October 25
6 Import & Export data analysis 27
6.1 Chinese bauxite imports up by 14.4% MOM in September 27
6.2 Chinese aluminum scraps imports up by 18.57% MOM in September 30
6.3 Chinese aluminum alloy ingot exports up by 1.72% MOM in September 32
6.4 Chinese aluminum fluoride export up by 44.5% MOM in September 34
6.5 Chinese imports of alumina in September down by 1.71% MOM 37
6.6 Chinese carbon anode exports up by 42.08% MOM in September 39
7 Outlook for September 42
7.1 Prices for aluminum ingot may continue to fluctuate at low levels 42
7.2 Alumina prices may see a slight decrease 42
7.3 Carbon anode prices may remain at low levels 42
7.4 Price for aluminum ingot may fluctuate around RMB13,400-13,600/t 43

Graph 1 China’s CPI and PPI trend in 2014 5
Graph 2 China’s PMI in 2014 6
Graph 3 US crude oil futures price trend on major transaction market in October 7
Graph 4 US dollar Index trend 7
Graph 5 Aluminum ingot price on the Chinese market in October 9
Graph 6 Chinese-origin alumina price movement Jan-Oct 2014 10
Graph 7 Carbon anode price movement Jan-Oct 2014 11
Graph 8 China aluminum fluoride price movement October 2014 11
Graph 9 Chinese ADC12 aluminum alloy ingot price movement 2014 12
Graph 10 LME aluminum cash price chart in October 13
Graph 11 LME aluminum inventories in September 14
Graph 12 Chinese aluminum fluoride export prices in October 2014 15
Graph 13 Australian-origin alumina price movement in Chinese port Jan-Oct, 2014 16
Graph 14 Australian-origin alumina CIF China price movement Jan-Oct, 2014 16
Graph 15 Chinese imported bauxite stocks movement 17
Graph 16 Chinese consumption for imported bauxite 18
Graph 17 Chinese aluminum fluoride stocks 19
Graph 18 Chinese aluminum fluoride output in 2014 20
Graph 19 China’s primary aluminum production in 2014 22
Graph 20 Primary aluminum production in Xinjiang, China in 2014 22
Graph 21 Aluminum ingot stocks on the Chinese spot markets in 2014 23
Graph 22 China's alumina production in 2014 25
Graph 23 Chinese alumina refineries' alumina stocks 26
Graph 24 Chinese secondary aluminum alloy operating rate 2014 27
Graph 25 Chinese bauxite imports in 2014 28
Graph 26 Chinese bauxite imports by origins 2014 29
Graph 27 Chinese aluminum scraps imports 2014 31
Graph 28 Chinese aluminum scraps imports by origins 2014 32
Graph 29 Chinese import price for US aluminum scraps 32
Graph 30 Chinese aluminum alloy exports 2014 33
Graph 31 Chinese aluminum alloy exports by major destinations 34
Graph 32 Chinese aluminum fluoride exports from Jan-Sep 2014 35
Graph 33 Aluminum fluoride exports by major destination 36
Graph 34 Chinese alumina import Jan-Sep 38
Graph 35 Chinese alumina import by major origin 38
Graph 36 Chinese carbon anode exports Jan-Sep 41
Graph 37 Chinese carbon anode export price Jan-Sep 41

Table 1 Output of primary aluminum in Chinese major producing areas in August 22
Table 2 Chinese bauxite imports in September 30
Table 3 Chinese bauxite importers September 2014 31
Table 4 Chinese top ten aluminum scrap importers September 2014 34
Table 5 Chinese top ten aluminum alloy exporters September 2014 35
Table 6 Major Chinese aluminum fluoride exporters in September 37
Table 7 Chinese imported alumina statistics in September 40
Table 8 Top 10 Chinese alumina import enterprises in September 40
Table 9 Main carbon anode exporters in September 42
Table 10 Chinese carbon export details in September 43

.Asian Metal Copyright2 Alumina prices may see a slight decrease 42 7Asian Metal Copyright