Aluminum market report September 2012

Contents
Abstract 1
1. Financial overview 1
1.1 Chinese domestic financial overview 1
1.1.1 Chinese CPI increase rebounds to 2% in August 1
1.1.2 Chinese PMI escapes out of the bottom in September 2
1.2 International financial overview 3
1.2.1 Global crude oil future prices pressure drop 3
1.2.2 FRB accelerates liquidity operation, USD index remains depressing 4
2 Company news 5
2.1 International company news 5
2.2 Chinese domestic market 5
3 Chinese domestic market review 7
3.1Aluminum ingot market 7
3.1.1 Aluminum ingot price rebounded about 1% in September 7
3.1.2 Aluminum processing plants prudent to purchase raw material 7
3.2 Alumina market 8
3.2.1 Alumina market recovers and price goes up 8
3.3Aluminum alloy 9
3.3.1 Offers for secondary aluminum alloy ingot up 9
3.3.2 Purchasing in secondary aluminum alloy ingot market saw no recovery 9
3.4 Carbon anode 10
3.4.1 Carbon anode price stable 10
3.4.2 Carbon cathode orders decline 10
4 International market review 10
4.1 LME aluminum price back to the level above USD2,000/t 10
4.2 LME aluminum inventories soared 11
4.3 Aluminum alloy export price up 12
4.4 Australian alumina price up because Aluminum price on LME rebounds 12
4.5 Chinese bauxite import channels diversified and price up 13
4.6 Aluminum fluoride export market still cool 14
5 Related industry development 15
5.1 Petroleum coke price declines 15
5.2 The aluminum fluoride price war remains fierce with sharp decline 15
5.3 Aluminum hydroxide market relatively stabilizes 16
5.4 Both purchasing prices of aluminum scraps in Chinese domestic market and from overseas market up 17
5.5 Orders for aluminum semi-products still insufficient 18
6 Production data 18
6.1 Primary aluminum 18
6.1.1 Chinese primary aluminum output keeps growing 18
6.1.2 More new capacity in Xinjiang to come on stream 19
6.2 Aluminum alloy 19
6.2.Asian Metal Copyright1 Chinese domestic financial overview 1 1.Asian Metal Copyright1 Chinese aluminum alloy production up by 6.2% YOY in Aug 19
6.2.2 Chinese operating rate of secondary aluminum alloy ingot plants low at 45% in Sep 20
6.2.Asian Metal Copyright3.Asian Metal Copyright3 Chinese motor sales up by 8.4% in Aug MOM 21
6.3 Alumina 23
6.3.Asian Metal Copyright1 Petroleum coke price declines 15 5.Asian Metal Copyright1 Chinese alumina production up by 3.5% MOM 23
6.4 Chinese aluminum fluoride output up by 24.8% in September MOM 24
6.5 Carbon anode 25
6.5.Asian Metal Copyright3.Asian Metal Copyright1 Chinese carbon anode output slightly up by 0.42% in September MOM 25
7 Import & Export data analysis 26
7.1 Bauxite 26
7.1.Asian Metal Copyright2.Asian Metal Copyright1 Chinese bauxite import down by 46.09% YOY in August 26
7.1.3 Chinese Bauxite importers in July 28
7.2 Alumina 28
7.2.Asian Metal Copyright5 Aluminum scraps 32 7.Asian Metal Copyright1 Chinese alumina import up by 796.75% YOY in August 28
7.2.2 Top eight alumina importers in June 29
7.3 Aluminum alloy 29
7.3.1 Chinese aluminum alloy export down by 41% YOY in August 29
7.3.2 Top ten aluminum alloy exporters in August 2012 31
7.4 Aluminum semi-products 31
7.4.Asian Metal Copyright4.Asian Metal Copyright1 Chinese aluminum semi-products export down by 12.2YOY in August 31
7.5 Aluminum scraps 32
7.4.Asian Metal CopyrightContents Abstract 1 1.Asian Metal Copyright1 Chinese aluminum scraps import up by 20.55% in Aug YOY 32
7.5.2 Chinese aluminum scraps importers in August 2012 33
7.6 Aluminum fluoride 34
7.6.Asian Metal Copyright1 Carbon anode price stable 10 3.Asian Metal Copyright1 Chinese aluminum fluoride export down by 2.9% MOM in August 34
7.6.2 Chinese aluminum fluoride exporters in August 35
8 Outlook for October 36
8.1 Aluminum ingot price may go softly in limited range 36
8.2 Alumina price may increase further slightly 36
8.3 Carbon anode price may keep decreasing slightly 36
8.4 Aluminum fluoride price may keep falling 37

Picture& Table Column
Picture 1 Chinese CPI and PPI chart during 2011-2012 2
Picture 2 Chinese PMI chart during 2011-2012 3
Picture 3 Crude oil futures prices in US 4
Picture 4 USD index chart 4
Picture 5 Chinese aluminum ingot price (RMB/t) 7
Picture 6 Chinese origin alumina price movement in September (RMB/t) 8
Picture 7 Chinese ADC12 aluminum alloy price in September (RMB/t) 9
Picture 8 LME aluminum cash price trend (USD/t) 11
Picture 9 LME Aluminum inventories in June (tons) 11
Picture 10 Australian origin alumina price movement (USD/t) 13
Picture 11 Australian origin alumina price movement (RMB/t) 13
Picture 12 Indonesia bauxite import price (USD/t) 14
Picture 13 Aluminum fluoride price FOB China（USD/t） 15
Picture 14 Chinese aluminum fluoride prices movement (RMB/t) 16
Picture 15 Chinese aluminum hydroxide prices movement (RMB/t) 16
Picture 16 Chinese aluminum alloy production in 2011 and 2012 (Unit: ton) 20
Picture 17 Chinese secondary aluminum alloy ingot plants from January to August of 2012 21
Picture 18 Production and sales of automobile in China (Unit: 10,000) 22
Picture 19 Chinese alumina production Jan-Aug 2012 23
Picture 20 Chinese aluminum fluoride output in 2012 25
Picture 21 Chinese Carbon anode production by region in September 26
Picture 22 Chinese Bauxite Import in 2012 27
Picture 23 Chinese bauxite import different countries in June 27
Picture 24 Chinese alumina import in 2012 29
Picture 25 Chinese aluminum alloy export in 2011 and 2012 31
Picture 26 Chinese aluminum products export in 2012 32
Picture 27 Chinese aluminum scraps import 33
Picture 28 Chinese aluminum fluoride export (t) 35
Picture 29 Chinese aluminum fluoride export price (USD/t) 35

Table 1 Chinese origin carbon anode market prices by region on 24 Sep 10
Table 2 Chinese aluminum scrap prices by regions in late Sep (Unit: RMB/t) 17
Table 3 Output of electrolytic in Chinese major producing areas in September (Unit: 10,000t) 19
Table 4 Report on alumina production in some refineries in China in September 2012 24
Table 5 Chinese bauxite importer in July, 2012 28
Table 6 Top eight Chinese alumina import companies in July, 2012 29
Table 7 Top 10 aluminum alloy export companies in China in August 31
Table 8 Chinese top ten aluminum scrap importers in August, 2012 (Unit: tons) 34
Table 9 Chinese aluminum fluoride exporters in August 35

.Asian Metal Copyright5 Chinese bauxite import channels diversified and price up 13 4Asian Metal Copyright