Aluminum market report February 2012

Introduction 1
1 Macro-economy news 1
1.1 China CPI rises in January due to the Spring Festival 1
1.2 Chinese PMI rises in February economy sees soft landing 2
1.3 Greek salvage agreement concluded European national debt auction successful 3
1.4 US economic data positive but not enough for recovery 3
1.5The Middle East situation worsens crude oil price surges 4
1.6 European situation eases USDX weak 4
1.7 Weak US dollars supports high price of gold 5
2 Company News 6
2.1 International market 6
2.2 Chinese domestic market 6
3 Chinese domestic market review 7
3.1 Aluminum ingot market 7
3.1.1 Aluminum ingot price keeps volatile 7
3.1.2 The market slowly picks up after the holiday 7
3.2 Alumina market 8
3.2.1 Price stable 8
3.2.2 The business moves slowly 8
3.3 Aluminum alloy 9
3.3.1 Recycled aluminum alloy ingot price rose with cautious purchasing 9
3.3.2 A356 aluminum alloy offers fluctuated with downward trend while processing charges firm 10
4 International market review 11
4.1 Aluminum on LME price rises after decrease 11
4.2 Aluminum on LME inventories rise 11
4.3 Aluminum alloy price rises movement inactive 12
4.4 Australian alumina price falls 12
5 Related industry developments 13
5.1 Aluminum fluoride market falls 13
5.2 Aluminum hydroxide price falls 14
5.3 Aluminum scrap price relatively stable in domestic market 14
6 Analysis of production 15
6.1 Primary aluminum output 15
6.1.1 Henan aluminum plants do not further reduce production in February 15
6.1.2 Guizhou obtains subsidies for electricity consumption 16
6.2 Aluminum alloy 16
6.2.Asian Metal Copyright1.Asian Metal Copyright1 Chinese operating rate of recycled aluminum alloy plants below 66.4% in February 16
6.3.2 Domestic A356 aluminum alloy output slightly declines MOM in February 17
6.2.Asian Metal Copyright2 Aluminum fluoride output analysis in China in February 20 7 Analysis of import export data 20 7.Asian Metal Copyright3 The production of automobile falls by 23.2% MOM in January 18
6.3 Alumina 18
6.3.Asian Metal Copyright2 Domestic A356 aluminum alloy output slightly declines MOM in February 17 6.Asian Metal Copyright1 Alumina output increases by 3.5% month on month in February 18
6.3.Asian Metal Copyright1.Asian Metal Copyright2 Alumina output increases by 2.1 million tons in March 19
6.4 Aluminum fluoride 19
6.4.Asian Metal Copyright2Alumina market stabilizes with a downward trend 29 Picture 1 CPI and PPI in China From Jan 2011 to Feb 2012 2 Picture 2 Chinese PMI in 2011-2012 3 Picture 3 US crude oil futures price 4 Picture 4 USDX trend 5 Picture 5 International gold price 5 Picture 6 China aluminum ingot price in February RMBt 7 Picture 7 China domestic alumina price in Jan-Feb RMBt 8 Picture 8 China ADC 12 aluminum alloy price RMBt 9 Picture 9 China A356 aluminum alloy price in February RMBt 10 Picture 10 Aluminum on LME price trend in February USDt 11 Picture 11 Aluminum on LME in February 12 Picture 12 Australian alumina price in Jan-Feb RMBt 13 Picture 13 China aluminum fluoride price in Jan-Feb RMBt 14 Picture 14 China aluminum hydroxide price in Jan-Feb RMBt 14 Picture 15 Production and sales of automobile in China from January, 2011 to January, 2012 Unit: 10,000 18 Picture 16 China alumina output in February 19 Picture 17 China aluminum fluoride output in February 20 Picture 18 China bauxite import in 2012 21 Picture 19 China bauxite monthly import in four countries in 2011 21 Picture 20 China aluminum import unit price in 2012 22 Picture 21 The export of bauxite from Indonesia 23 Picture 22 Dependencies of Chinese companies on imported bauxite 23 Picture 23 China alumina import in 2011-2012 24 Picture 24 Aluminum alloy export in China in 2011 and 2012 25 Picture 25 Comparison of aluminum scrap import in 2011and 2012 27 Picture 26 China aluminum fluoride export price in January USDt 29 Table 1 Comparison of quotations of ADC12 aluminum alloy of early February and late February 9 Table 2 Output of electrolytic in Chinese major producing area in February Unit: 10,000t 15 Table 3 The output of A356 aluminum alloy in February.Asian Metal Copyright1 Output of aluminum fluoride up by 38.1% year on year in February 19
6.4.2 Aluminum fluoride output analysis in China in February 20
7 Analysis of import & export data 20
7.1 Bauxite 20
7.1.Asian Metal Copyright1% year on year in February 19 6.Asian Metal Copyright1 Bauxite import sharply down by 31.84%MOM 20
7.1.2 Indonesia limits bauxite export to push up price and import 22
7.1.3 Bauxite import sources need to be diverse 22
7.1.4 Top nine Chinese bauxite importer in January, 2012 24
7.2 Alumina 24
7.2.Asian Metal Copyright2 Top 10 importers of aluminum scrap in January in China 27 7.Asian Metal Copyright1 Alumina import increases by 122.36% MOM 24
7.2.2 Top ten China alumina import companies in January 25
7.3 aluminum alloy 25
7.3.1 Chinese aluminum alloy export decreases by 3% YOY in January 25
7.3.2 Top 10 aluminum alloy exporter in China in January 26
7.4 Aluminum scrap 26
7.4.1 Chinese aluminum scrap import down by 50% MOM in January 26
7.4.2 Top 10 importers of aluminum scrap in January in China 27
7.5 Aluminum fluoride 28
7.5.Asian Metal Copyright5% month on month in February 18 6.Asian Metal Copyright1 Aluminum fluoride export up by 17.7% YOY in January 28
7.5.2 Top six Chinese aluminum fluoride exporters in January 28
7.5.3 Aluminum fluoride export price slips 28
8 Outlook for March 29
8.1 Aluminum market fluctuates at a low level 29
8.2Alumina market stabilizes with a downward trend 29

Picture 1 CPI and PPI in China From Jan 2011 to Feb 2012 2
Picture 2 Chinese PMI in 2011-2012 3
Picture 3 US crude oil futures price 4
Picture 4 USDX trend 5
Picture 5 International gold price 5
Picture 6 China aluminum ingot price in February (RMB/t) 7
Picture 7 China domestic alumina price in Jan-Feb (RMB/t) 8
Picture 8 China ADC 12 aluminum alloy price (RMB/t) 9
Picture 9 China A356 aluminum alloy price in February (RMB/t) 10
Picture 10 Aluminum on LME price trend in February (USD/t) 11
Picture 11 Aluminum on LME in February 12
Picture 12 Australian alumina price in Jan-Feb (RMB/t) 13
Picture 13 China aluminum fluoride price in Jan-Feb (RMB/t) 14
Picture 14 China aluminum hydroxide price in Jan-Feb (RMB/t) 14
Picture 15 Production and sales of automobile in China from January, 2011 to January, 2012 (Unit: 10,000) 18
Picture 16 China alumina output in February 19
Picture 17 China aluminum fluoride output in February 20
Picture 18 China bauxite import in 2012 21
Picture 19 China bauxite monthly import in four countries in 2011 21
Picture 20 China aluminum import unit price in 2012 22
Picture 21 The export of bauxite from Indonesia 23
Picture 22 Dependencies of Chinese companies on imported bauxite 23
Picture 23 China alumina import in 2011-2012 24
Picture 24 Aluminum alloy export in China in 2011 and 2012 25
Picture 25 Comparison of aluminum scrap import in 2011and 2012 27
Picture 26 China aluminum fluoride export price in January (USD/t) 29

Table 1 Comparison of quotations of ADC12 aluminum alloy of early February and late February 9
Table 2 Output of electrolytic in Chinese major producing area in February (Unit: 10,000t) 15
Table 3 The output of A356 aluminum alloy in February. (Unit: ton) 17
Table 4 Chinese bauxite importer in January, 2012 24
Table 5 Top ten China alumina import companies in January, 2012 25
Table 6 Top 10 aluminum export companies in China in January 26
Table 7 Top 10 importers of aluminum scrap in January in China 27
Table 8 Top six Chinese aluminum fluoride exporters in January 28

.Asian Metal Copyright4 Top nine Chinese bauxite importer in January, 2012 24 7Asian Metal Copyright