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.