WBMS：2025年11月全球原铝供应过剩20.49万吨

Core Viewpoint - The latest report from the World Bureau of Metal Statistics (WBMS) indicates a global surplus of primary aluminum in November 2025, while there was a significant shortage in the earlier months of the same year [1] Group 1: Global Aluminum Production and Consumption - In November 2025, global primary aluminum production is projected to be 6.0226 million tons, with consumption at 5.8176 million tons, resulting in a surplus of 204,900 tons [1] - From January to November 2025, global primary aluminum production reached 66.7204 million tons, while consumption was 68.248 million tons, leading to a shortage of 152,760 tons [1] Group 2: Bauxite and Alumina Production - In November 2025, global bauxite production is expected to be 35.3332 million tons, and alumina production is projected at 12.85 million tons [1] - For the period from January to November 2025, global bauxite production totaled 390.0838 million tons, with alumina production at 139.8518 million tons [1] Group 3: Recycled Aluminum Production - The production of recycled aluminum in November 2025 is estimated to be 220.42 thousand tons [1] - From January to November 2025, the total production of recycled aluminum is reported to be 2,421.44 thousand tons [1]