Industry Overview - The core logic supporting the surge in aluminum prices is a tight balance between supply and demand, with domestic electrolytic aluminum production capacity reaching 44.46 million tons, nearing the 45 million tons capacity ceiling, and only an estimated 550,000 tons of new capacity expected by 2026 [1] - On the supply side, projects in Indonesia and India are experiencing slow capacity release due to power and political factors, with an expected annual increase of only 1.3 million tons [1] - Demand is being driven by the accelerated "aluminum replacing copper" trend in the air conditioning and home appliance sectors, as well as new demand from emerging fields such as AI and energy storage [1] Company Insights - Xinjiang Zhonghe's main products include high-purity aluminum, electronic aluminum foil, electrode foil, aluminum products, and alloy products, with a market share of approximately 40% for high-purity aluminum [3] - China Aluminum has the largest alumina production capacity in the world [4]
全球新增产量有限，铝期货再创4年新高
Xuan Gu Bao·2026-01-05 23:24