金属行业周报：铝土矿供应延续紧张，锂下游排产表现较好

Investment Rating - Steel: Neutral [5] - Non-ferrous Metals: Positive [5] Core Views - The steel industry is expected to face weakening fundamentals due to potential demand decline from weather impacts and routine year-end maintenance by steel mills, leading to short-term price pressure [6][34]. - Copper supply may contract due to concentrated maintenance at smelters in November, with prices primarily influenced by industry fundamentals and domestic policy impacts on actual demand [7][61]. - Aluminum prices are expected to remain strong in the short term due to tight supply from bauxite and stable alumina supply, despite environmental factors [11][69]. - The lithium sector shows signs of price rebound potential, but the extent is limited due to oversupply pressures [13][77]. Summary by Sections Steel - Steel production decreased by 0.67% week-on-week to 8.6149 million tons, with a year-on-year decline of 1.37% [37]. - The average steel price index was 3,720.38 CNY/ton, showing a slight decrease of 0.01% week-on-week and a 12.50% decline year-to-date [56]. - Total steel inventory was 12.26 million tons, down 0.95% week-on-week and down 10.46% year-on-year [44]. Copper - China's copper smelting output decreased by 0.86% month-on-month in October, with a year-on-year increase of 0.19% [59]. - LME copper prices were 9,300 USD/ton, down 1.08% from the previous week, while domestic prices were 77,400 CNY/ton, up 1.15% [62]. Aluminum - China's electrolytic aluminum production increased by 1.69% year-on-year in October, with alumina production up by 6.51% [69]. - The average price of alumina was 5,381 CNY/ton, up 5.88% week-on-week [70]. Lithium - Domestic battery-grade lithium carbonate prices were 75,500 CNY/ton, up 1.14% week-on-week, while lithium hydroxide prices remained stable [78].