In February, domestic alumina operating capacity decreased month-on-month, and in the short term, spot circulation remains tight.

According to Mysteel’s research and statistics, as of the end of February 2026, domestic alumina built capacity reached 115 million tons/year, flat month over month and up 5.52% year over year. Operating capacity was 91.7 million tons/year, down 1.71% month over month and up 0.55% year over year. Ahead of the holiday, a large alumina plant in Northern China unexpectedly cut production, which hindered the execution of some long-term orders; an alumina plant in Shanxi reduced output due to cost pressure; and an alumina plant in Guizhou remains in a shutdown state, resulting in a decline in operating capacity.