铝产业周报-20260316

1. Report Industry Investment Rating No relevant content provided. 2. Core Views - Aluminum: This week, there were no significant production increases or decreases in the supply side, and the operating capacity remained stable. On the demand side, the aluminum rod and aluminum plate industries continued to resume production, with an increase in capacity utilization. However, the sharp increase in spot prices suppressed transactions, and the social inventory of aluminum ingots continued to accumulate. The spill - over of overseas geopolitical risks intensified macro risks, and the market showed a strong and volatile trend [3]. - Alumina: This week, alumina supply increased slightly, but overall supply was still in excess. In the short term, the operating capacity of electrolytic aluminum will remain stable, and the demand for alumina will continue to be high. This week, the spot price of alumina rose, trading picked up, and the factory inventory decreased slightly, but the total inventory was still high. In the short term, the logic of rising energy costs is dominant, and the price will be volatile and slightly stronger [4]. 3. Summary by Related Catalogs 3.1 Market Data - Aluminum Futures and Spot: The report presents data on the closing price and trading volume of Shanghai Aluminum futures and LME aluminum futures, as well as the basis, spread, and price differences in different regions of aluminum spot [5][10][11]. - Alumina Futures and Spot: It shows the closing price and trading volume of alumina futures, as well as the spot price, basis, spread, and price differences in different regions of alumina [14][15][18]. 3.2 Upstream Supply - Bauxite: It includes the monthly production of domestic bauxite by province, monthly import volume, and port inventory [22][23]. - Alumina: The monthly production, weekly operating rate by province, monthly import volume, and import profit and loss of alumina are presented [25][28][30]. - Electrolytic Aluminum: The monthly and weekly production, monthly net import, and import profit and loss of electrolytic aluminum are shown, as well as the weekly delivery volume of aluminum ingots and aluminum rods [34][35][39]. 3.3 Downstream Demand - Aluminum Products Production: The production of aluminum rods, profiles, rods, plates, foils, and primary aluminum alloy ingots is presented on a weekly or monthly basis [40]. - Industry Operating Rate: The weekly and monthly operating rates of various aluminum - related industries, such as aluminum profiles, plates, foils, and cables, are shown [44][52]. - Exports: The monthly export volume and export profit of unforged aluminum and aluminum products are presented [56][57]. - Related Industries: Data on the construction, automotive, power grid, and photovoltaic industries, such as housing construction and completion area, vehicle production, power grid investment, and photovoltaic installation volume, are also provided [61][62][64]. 3.4 Inventory - Bauxite Inventory: The monthly inventory of bauxite in China and in specific provinces is presented [69]. - Alumina Inventory: The factory inventory and inventory days of alumina enterprises, as well as the SHFE alumina warehouse receipt volume, are shown [72][73]. - Electrolytic Aluminum Inventory: The LME aluminum inventory, SHFE aluminum warehouse receipt quantity, social inventory, inventory days of electrolytic aluminum, and the spot inventory of aluminum rods and the combined inventory of aluminum ingots and rods are presented [73][74][76]. 3.5 Cost and Profit - Raw Material Prices: The prices of domestic and imported bauxite, 32% ion - membrane caustic soda, pre - baked anodes, power coal, Dutch natural gas, and European electricity are presented [78][79][80]. - Cost and Profit of Alumina and Electrolytic Aluminum: The cost and profit of alumina and electrolytic aluminum are shown [78][80].