In the first half of 2025, affected by sluggish market demand and cost support, the bulk raw materials market experienced mixed trends of rise, fall and stabilization, presenting an overall pessimistic outlook. Specifically:

 

• Fused alumina prices first declined from high levels then fluctuated at low levels
• Electrically fused magnesia prices initially rose due to cost support but later fell back due to weak demand
• Sintered magnesia market hovered at low levels
• Fierce competition drove silicon carbide and flake graphite prices down repeatedly
• Bauxite prices remained weakly stable with cost support

 

Details as follows:

 

【Fused Alumina】High-to-low then range-bound

 

Under the influence of industrial alumina, white fused alumina prices declined before April then rebounded, with a cumulative drop of 2,250 yuan/ton in H1. Sintered alumina followed a similar trend, also dropping 2,250 yuan/ton overall.

Brown fused alumina saw limited declines (400-500 yuan/ton in H1) due to cost support from lightly calcined bauxite and the price drop of white fused alumina falling below brown fused alumina again after March.

 

【Bauxite】Weak demand but stable market with ore support

 

In Shanxi region, low-grade bauxite remained relatively abundant while medium-high grade was tight but high-priced. Despite weak demand, the market stayed stable with slight increases of 50-300 yuan/ton year-on-year.

 

【Magnesia】Electrically fused rose then fell; sintered declined then stabilized

 

Electrically fused magnesia:

 

• Prices rose about 700 yuan/ton during Jan-Mar due to electricity price hikes and tighter magnesite supply
• Later fell back 50 yuan/ton due to weak demand and poor price acceptance.

 

Sintered magnesia:

 

• Declined 100-150 yuan/ton
• Fuel cost reductions partially offset rising ore costs
• Weak demand and oversupply kept prices low

 

【Flake Graphite】Weak but stable

 

• Dropped 100 yuan/ton in mid-January then stabilized
• Large producers maintained operations with cost advantages
• Many SMEs remained shut to avoid losses
• China became net exporter with doubled exports and increased imports

 

【Silicon Carbide】Rose then fell

 

• Prices increased 200-300 yuan/ton in February due to:
• 0.04 yuan/kWh electricity price hike in Gansu
• Tight supply and rising prices of petroleum coke

 

Later declined due to:

 

• Cooling domestic/overseas demand
• Increased production capacity
• Oversupply
• Insufficient cost support
• June prices returned to year-start levels or 50-100 yuan/ton lower

 

2025 Outlook:

 

• Market remains pessimistic with:
• Persistent oversupply
• Weak demand growth
• Intensified competition

 

Expected trends:

 

• Fused alumina may see periodic fluctuations but with increased industry concentration
• Bauxite market structure may shift as large enterprises break through
• Flake graphite likely to maintain weak stability
• Magnesia and silicon carbide to continue facing supply-demand imbalance
• High power-consuming products may explore green electricity applications