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

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27 April 2015

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

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.

Table of contents

  • Executive summary
    • The impact of the new on grid and industrial power rates in China
    • Impact of power tariff reduction on cash costs by province, 2015, US$ millions
    • Impact of power tariff reduction on company cash costs, 2015, US$ millions
  • Risks and outlook to China's power market

Tables and charts

This report includes 5 images and tables including:

  • Chinese total energy costs, US$/t
  • Chinese M1 margin on ingot, US$/t
  • Aluminium: the impact of lower on-grid power tariffs in China: Image 1
  • Aluminium: the impact of lower on-grid power tariffs in China: Image 4
  • Aluminium: the impact of lower on-grid power tariffs in China: Image 5

What's included

This report contains:

  • Document

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

    PDF 388.56 KB

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