9月中国原铝产量变化不大 电解铝厂铝水比例小幅回升

Core Viewpoint - The National Bureau of Statistics reports that China's primary aluminum (electrolytic aluminum) production in September 2025 reached 3.81 million tons, reflecting a year-on-year increase of 1.8% [1] Industry Summary - In September, domestic electrolytic aluminum operating capacity showed a slight recovery, with the aluminum water ratio in electrolytic aluminum plants also experiencing a minor increase, resulting in stable production levels [1] - As October begins, SMM indicates that the commissioning and resumption of replacement and technological transformation projects are expected to further boost electrolytic aluminum production, with daily average production anticipated to grow [1]