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  Fluorite Rebound and High Sulphuric Acid Prices Support Aluminum Fluoride Costs, September Prices Show Upward Trend but Limited by Downstream Aluminum Producers' Efforts to Drive Down Prices [SMM Analysis]

  The September tender for benchmark downstream aluminum enterprises remains undetermined. Although there is no clear support from both supply and demand sides in the aluminum fluoride market, the strong support from fluorite—a core raw material for aluminum fluoride—has recently dominated, coupled with the auxiliary effect of sulphuric acid fluctuating at highs. Even with a slight weakening in aluminum hydroxide prices, overall raw material costs still show a modest upward trend, which may continue to provide cost support for aluminum fluoride production. Amid mounting cost pressures, production pressures on enterprises are intensifying. With cost-side support, aluminum fluoride prices are expected to rise in September, but the evident price-driving sentiment among downstream aluminum enterprises has somewhat constrained the upward movement of aluminum fluoride prices. Overall, the aluminum fluoride market in September will be caught in a tug-of-war between "cost support driving bullishness" and "downstream price pressure limiting gains," making a significant price surge unlikely.

• [SMM Analysis] SiMn Alloy Production in South China Showed Significant Growth in August, Cost and Demand Support Indicate Continued Production Potential in September

  In August 2025, China's total SiMn alloy production showed a notable increase, rising both YoY and MoM. Regionally, the growth primarily came from south China, with Yunnan recording the highest production increase, while Guangxi and Guizhou also saw slight MoM growth. Northern regions also reported varying degrees of production increase. Looking ahead to September 2025, SiMn alloy production is expected to maintain its upward trend.

• Aluminum Billet Inventory in August: Supply-Side Pressure Resurfaces, Peak Season Demand Yet to Arrive, Aluminum Billet Processing Fees Lack Support [SMM Analysis]

  August 31 News: According to SMM statistics, aluminum billet inventory in mainstream consumption areas in China totaled 134,000 mt on August 28, up 1,000 mt from Monday and 9,500 mt WoW. This week, aluminum billet inventory showed a slight buildup trend, interrupting the continuous decline over the past two weeks, with inventory trends fluctuating. The weekly inventory increase was mainly driven by higher arrivals of billets from north China to warehouses in south China, while inventories in other regions remained stable. Notably, supply in Nanchang remained tight, maintaining a small decline. Regarding outflows from warehouses, SMM data showed total aluminum billet outflows reached 48,000 mt during 8.18-8.24, down 1,000 mt WoW.

• China & America：Mutual Dependence and Rational Cooperation in Rare Earth【SMM Analysis】

  On Tuesday, US President Trump mentioned during a press conference with South Korean President Lee Jae-myung that if China were to halt the export of rare earth magnets again, "countermeasures such as imposing 200% tariffs would be taken." However, he acknowledged that such high tariffs would signify a breakdown in bilateral trade. Subsequently, China's Foreign Ministry responded, stating that China consistently handles and advances China-US relations based on the principles of mutual respect, peaceful coexistence, and win-win cooperation, while firmly safeguarding its own sovereignty, security, and development interests.

• Tight Supply and Rising Costs Keep Malaysia Rebar Prices Firm

  Malaysia’s rebar market has recently remained firm, with prices showing a steady-to-strong trend. This round of price support is primarily driven by a significant rise in production costs combined with a tightening supply structure, jointly pushing up overall market levels.