中国8月原铝产量变化不大 9月运行产能预计小幅提升

Core Insights - China's primary aluminum (electrolytic aluminum) production in August 2025 was 3.8 million tons, a year-on-year decrease of 0.5% [1] Production and Capacity - In August, the electrolytic aluminum production capacity in Shandong continued to shift towards Yunnan, while the capacity in Qinghai was fully replaced and put into operation [1] - The early-stage technological transformation projects in Guangxi began to resume production, leading to a slight increase in operational capacity and a marginal rise in production [1] - As of September, SMM indicated that with the gradual commissioning of replacement projects, domestic electrolytic aluminum operational capacity is expected to see a slight increase, with daily aluminum ingot production achieving growth [1]