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Aluminium: the impact of lower on-grid power tariffs in China

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Report summary

We have re modelled Chinese aluminium energy costs in light of the recent reduction of on grid power tariffs and found that the net impact to the average cash cost to local aluminium smelters is minimal. China's weighted average cash costs are expected to decline by just US$10/t following the reduction to US$1868/t. This corresponds to a saving of US$310 million which appears significant but not in an industry worth tens of billions of dollars.

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    Aluminium: the impact of lower on-grid power tariffs in China

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  • The impact of the new on grid and industrial power rates in China
  • Chinese total energy costs, US$/t
  • Chinese M1 margin on ingot, US$/t
  • More than 50% of the tariff cuts on a cost saving basis falls in three provinces
  • US$310 million of potential savings to smelters

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