Core Viewpoint - The North American aluminum industry is facing opportunities from increased U.S. import trade barriers and challenges from data centers competing for limited power resources [1] Group 1: Demand and Supply Dynamics - North American aluminum demand is expected to maintain rapid growth, with a widening regional supply-demand gap anticipated [1] - The transportation sector is likely to see a rebound in automotive manufacturing capacity utilization due to U.S. tariff barriers [1] - Strong orders in the aerospace sector are expected to support aircraft manufacturing demand [1] Group 2: Residential and Industrial Demand - Aluminum demand in residential construction may stabilize and rebound after new housing starts reach a bottom [1] - The return of manufacturing and data centers may tighten U.S. power supply and demand, sustaining high investment in the power sector, which will further drive aluminum demand [1] Group 3: Future Outlook - The supply-demand gap in North America is projected to continue widening from 2025 to 2030 [1] - The Midwest premium is expected to remain at a high level [1]
中金：北美铝需求有望维持较快增长，区域供需缺口或将进一步放大
Xin Lang Cai Jing·2025-12-31 00:15