Summary of Aluminum Industry Research Report Industry Overview - The report focuses on the aluminum industry in China, specifically tracking high-frequency demand trends and inventory levels during the week of January 22 to January 28, 2026 [1] Key Points Production Data - Total aluminum production in China was 859,000 tons (kt), remaining flat week-over-week (WoW) but increasing by 3% year-over-year (YoY) and 3% YoY on the lunar calendar [2] - Aluminum billet production was 314,000 kt, showing a decrease of 5% WoW, an increase of 15% YoY, and a decrease of 8% YoY on the lunar calendar [2] - Year-to-date (YTD) aluminum production reached 4.3 million tons (mnt), up 2.9% YoY, while aluminum billet production was 1.7 mnt, up 7.6% YoY [2] Inventory Levels - Total aluminum ingot and billet inventory stood at 1,274 kt on January 29, 2026, reflecting a 6% increase WoW, a 2% increase YoY, and a 64% increase YoY on the lunar calendar [3] - Social and producers' inventory comprised 1,053 kt and 222 kt respectively, with social inventory up 6% WoW and 44% YoY, while producers' inventory increased by 9% WoW but decreased by 58% YoY [3] - For aluminum ingot, total inventory was 881 kt (+4% WoW, +28% YoY, +66% YoY on lunar calendar), and for aluminum billet, total inventory was 393 kt (+11% WoW, -31% YoY, +60% YoY on lunar calendar) [3] Apparent Consumption - Overall aluminum apparent consumption in China was 798 kt during the week, down 5% WoW but up 53% YoY, and down 5% YoY on the lunar calendar [4] - Apparent consumption for aluminum ingot was 850 kt (-2% WoW, +18% YoY) and for aluminum billet was 262 kt (-13% WoW, +243% YoY) [4] - YTD overall aluminum apparent consumption was 4.0 mnt, up 6.4% YoY, with aluminum ingot and billet apparent consumption increasing by 0.2% and 31.4% YoY respectively [4] Market Sentiment and Analysis - The report indicates that the aluminum ingot and billet inventory data is more representative for calculating overall aluminum demand due to the inclusion of various types of aluminum inventory [5] - Total aluminum inventory increased WoW, and the inventory level was higher than the same period in 2022-2025 on the lunar calendar [5] - Apparent consumption levels were higher than the same period in 2023 but lower than in 2024-2025 on the lunar calendar [7] Additional Insights - The report emphasizes the cautious market expectation regarding demand recovery in the aluminum sector [1] - The aluminum sector is currently ranked highest in the sector pecking order, followed by copper, battery materials, gold, coal, cement, and steel [1] This summary encapsulates the key findings and insights from the research report on the aluminum industry in China, highlighting production, inventory, and consumption trends along with market sentiment.

Summary of Aluminum Inventory and Consumption in China (January 2026) Industry Overview - **Industry**: Aluminum - **Focus**: Tracking and analyzing high-frequency on-ground demand trends in China for aluminum ingot and billet production, inventory, and consumption during the week of January 8–14, 2026 [1] Key Points Production Data - **Total Aluminum Production**: 857,000 tons (kt), flat week-over-week (WoW), +3% year-over-year (YoY), and +3% YoY on the lunar calendar [2] - **Aluminum Billet Production**: 344,000 kt, -3% WoW, +6% YoY, flat YoY on the lunar calendar [2] - **Year-to-Date (YTD) Production**: - Total aluminum production: 2.6 million tons (mnt), +2.8% YoY - Aluminum billet production: 1.1 mnt, +5.4% YoY [2] Inventory Levels - **Total Aluminum Inventory**: 1,172 kt on January 15, 2026, +7% WoW and +51% YoY - **Social Inventory**: 963 kt, +7% WoW, +59% YoY - **Producer Inventory**: 210 kt, +8% WoW, +24% YoY - **Aluminum Ingot Inventory**: 837 kt, +5% WoW, +66% YoY - **Aluminum Billet Inventory**: 335 kt, +12% WoW, +25% YoY [3] Apparent Consumption - **Overall Aluminum Apparent Consumption**: 794 kt, +8% WoW, -7% YoY - **Aluminum Ingot Consumption**: 843 kt, +5% WoW, -6% YoY - **Aluminum Billet Consumption**: 295 kt, +2% WoW, +4% YoY - **YTD Apparent Consumption**: - Overall: 2.3 mnt, -7.2% YoY - Aluminum ingot: -6.1% YoY - Aluminum billet: +3.5% YoY [4] Takeaways - The aluminum ingot and billet inventory data is deemed more representative for calculating overall aluminum demand due to its inclusion of various types of aluminum inventory. - Total aluminum inventory increased WoW, higher than the same period in 2022 and 2024-25, but lower than in 2023. - Apparent consumption increased WoW, higher than the same period in 2022-23 but lower than in 2024-25 [5] Additional Insights - Market expectations on demand recovery remain cautious, indicating a potential risk for future investments in the aluminum sector [1] - The data reflects a mixed outlook for the aluminum industry, with production and inventory levels showing growth, while apparent consumption presents a decline YoY [4][5] This summary encapsulates the key findings from the aluminum inventory and consumption report, providing insights into production, inventory, and consumption trends within the Chinese aluminum market.

Summary of Aluminum Industry Research Industry Overview - The report focuses on the aluminum industry in China, specifically tracking high-frequency demand trends and inventory levels from September 4th to 10th, 2025. Market expectations for demand recovery are described as cautious [1] Key Production Data - Total aluminum production in China was 851,000 tons (kt), remaining flat week-over-week (WoW) but increasing by 2% year-over-year (YoY) [2] - Aluminum billet production was 361kt, also flat WoW, with a 6% increase YoY [2] - Year-to-date (YTD) aluminum production reached 31.1 million tons (mnt), up 2.9% YoY, while aluminum billet production totaled 12.6mnt, up 5.7% YoY [2] Inventory Insights - As of September 11, 2025, total aluminum ingot and billet inventory was 914kt, down 1% WoW and 5% YoY [3] - Social inventory was 759kt, down 1% WoW and 11% YoY, while producers' inventory was 155kt, down 2% WoW but up 43% YoY [3] - For aluminum ingots, total inventory was 686kt, down 1% WoW and 11% YoY, while aluminum billets had an inventory of 228kt, down 2% WoW but up 21% YoY [3] Apparent Consumption Trends - Overall aluminum apparent consumption was 895kt during the week, up 3% WoW but down 1% YoY [4] - Apparent consumption of aluminum ingots was 911kt, up 2% WoW but down 2% YoY, while aluminum billets saw consumption of 345kt, up 3% WoW and up 8% YoY [4] - YTD apparent consumption reached 32.1mnt, up 4.6% YoY, with aluminum ingots and billets showing increases of 4.1% and 7.3% YoY, respectively [4] Key Takeaways - The report emphasizes that aluminum ingot and billet inventory data is more representative for calculating overall aluminum demand [5] - Total aluminum inventory decreased WoW, with levels lower than the same period in 2021-22 and 2024, but higher than in 2023 on a lunar calendar basis [5] - Apparent consumption levels were higher than the same period in 2022-24 on a lunar calendar [7] Conclusion - The aluminum industry in China is experiencing cautious demand recovery, with production and consumption showing modest growth. Inventory levels are fluctuating, indicating a complex market environment that requires close monitoring for potential investment opportunities and risks.

Summary of Aluminum Inventory and Consumption in China (August 2025) Industry Overview - The report focuses on the aluminum industry in China, specifically tracking high-frequency demand trends and inventory levels during the week of August 14-20, 2025 [1] Key Points Production Data - Total aluminum production in China was 848,000 tons (kt), remaining flat week-over-week (WoW) but increasing by 2% year-over-year (YoY) [2] - Aluminum billet production reached 348 kt, showing a 1% increase WoW and a 3% increase YoY [2] - Year-to-date (YTD) aluminum production for 2025 was 28.6 million tons (mnt), up 2.9% YoY, while aluminum billet production was 11.5 mnt, up 5.8% YoY [2] Inventory Levels - Total aluminum ingot and billet inventory was 883 kt as of August 21, 2025, a decrease of 2% WoW and 15% YoY [3] - Breakdown of inventory: - Social inventory: 717 kt, down 1% WoW and 22% YoY - Producers' inventory: 167 kt, down 5% WoW but up 30% YoY [3] - Specific inventory levels: - Aluminum ingot inventory: 655 kt, flat WoW and down 23% YoY - Aluminum billet inventory: 228 kt, down 7% WoW but up 20% YoY [3] Apparent Consumption - Overall aluminum apparent consumption was 898 kt during the week, an increase of 3% WoW and 2% YoY [4] - Breakdown of apparent consumption: - Aluminum ingot: 897 kt, up 2% WoW and 1% YoY - Aluminum billet: 349 kt, up 5% WoW and 4% YoY [4] - YTD apparent consumption for 2025 was 29.4 mnt, reflecting a 4.8% increase YoY [4] Market Insights - The report suggests that the aluminum ingot and billet inventory data is more representative for calculating overall aluminum demand, as it encompasses a broader range of inventory types [5] - The total aluminum inventory decreased WoW and was lower than the same period in 2021-2022 and 2024, but higher than in 2023 on a lunar calendar basis [5] - Apparent consumption levels were higher than the same period in 2022-2024 on a lunar calendar [7] Additional Insights - The aluminum sector is currently ranked highest in demand compared to other materials such as steel, copper, and thermal coal, indicating a strong market position [1] - The cautious market expectation regarding demand recovery is noted, suggesting potential volatility in future demand trends [1] This summary encapsulates the key findings from the report on aluminum inventory and consumption in China, highlighting production, inventory levels, apparent consumption, and market insights.