Data from Refractories Window shows: In the first half of April, the base price of fused alumina declined, while prices of other bulk raw materials showed little significant change, mainly operating steadily.

【Bauxite】

The market for high-grade and low-grade bauxite diverged.

Bauxite enterprises in Shanxi face insufficient ore supply, and ore prices remain high. High-grade ore is in short supply, leading to tight supply conditions, with signs of price increases. Although low-grade bauxite supply is ample, prices are likely to remain stable due to the support of high costs.

【Fused Alumina】

Fused alumina prices continued to decline.

The market price of industrial alumina decreased, weakening cost support. The base price for white fused alumina (WFA) was lowered, and WFA shipments flowed relatively smoothly.

The supply of alumina for sintered alumina is tight. Multiple producers stated that sintered alumina currently has no spot availability. The downward adjustment in the sintered alumina base price was smaller than that of WFA.

The base price for brown fused alumina (BFA) was reduced. WFA price cuts have encroached on some demand for BFA, leading to weakened BFA demand. Prices for the raw material, lightly calcined bauxite, remain high, limiting the room for BFA price reductions. Some enterprises have already entered loss-making territory. It is expected that BFA prices will operate weakly but stably in the short term.

【Flake Graphite】

Demand remains sluggish, and the market is temporarily stable.

Only a few large producers in Luobei and Jixi maintained production, while others were preparing to resume operations. Flake graphite prices remained essentially stable. Producers indicated that some capacity will gradually enter a restart period, potentially increasing flake graphite supply. If downstream demand does not show significant improvement, flake graphite prices may face further downward pressure.

【Magnesia】

Prices for sintered magnesia were stable, while fused magnesia maintained high-price operation.

The supply of magnesite ore continues to tighten, and prices keep climbing, providing cost support for both sintered magnesia and fused magnesia. However, low coal prices offset the increased ore costs, coupled with weak demand, leading sintered magnesia prices to remain stable.

Affected by factors such as rising electricity prices, compressed profit margins, and uncertainty regarding purchase orders, some fused magnesia producers remain in a suspended production and wait-and-see state. In the short term, both suppliers and buyers hold certain inventory levels, and fused magnesia is expected to maintain high-price operation.

High-purity magnesia is closely linked to fused magnesia. Influenced by the depletion of fused magnesia inventory, market demand may potentially increase.

【Silicon Carbide】

Tariff imposition yet to cause significant waves among silicon carbide enterprises.

At the beginning of April, silicon carbide prices showed signs of softening due to tepid demand. The influence of the US "reciprocal tariffs" executive order introduced uncertainty into the silicon carbide market.

The United States is the largest export destination for China's silicon carbide, with exports exceeding 110,000 tons in 2024, accounting for over 32% of total exports. Based on the imposed tariff calculations, the price of silicon carbide exported to the US would essentially need to double. China's largest import from the US is petroleum coke, which is also predominantly used in silicon carbide smelting. After the tariff imposition, importing petroleum coke from the US is expected to face obstacles.