Summary of Aluminum Inventory and Consumption in China (Feb 2026) Industry Overview - **Industry**: Aluminum - **Focus**: Tracking and analyzing high-frequency on-ground demand trends in China, particularly aluminum ingot and billet production, inventory, and consumption data for the week of January 29 to February 4, 2026 [1] Key Points Production Data - **Total Aluminum Production**: 859,000 tons (kt), unchanged week-over-week (WoW), +3% year-over-year (YoY), and +3% YoY on the lunar calendar [2] - **Aluminum Billet Production**: 301,000 kt, -4% WoW, +13% YoY, and -10% YoY on the lunar calendar [2] - **Year-to-Date (YTD) Production**: - Total aluminum: 5.1 million tons (mnt), +2.9% YoY - Aluminum billets: 2.0 mnt, +8.3% YoY [2] Inventory Levels - **Total Aluminum Inventory**: 1,376 kt as of February 5, 2026, +8% WoW, -19% YoY, and +78% YoY on the lunar calendar [3] - **Social Inventory**: 1,130 kt, +7% WoW, +8% YoY, +87% YoY on lunar calendar - **Producers' Inventory**: 246 kt, +11% WoW, -67% YoY, +45% YoY on lunar calendar - **Aluminum Ingot Inventory**: 939 kt, +7% WoW, +4% YoY, +86% YoY on lunar calendar [3] - **Aluminum Billet Inventory**: 437 kt, +11% WoW, -45% YoY, +62% YoY on lunar calendar [3] Apparent Consumption - **Overall Aluminum Apparent Consumption**: 797 kt, flat WoW, +84% YoY, and -6% YoY on lunar calendar [4] - **Aluminum Ingot Consumption**: 851 kt, -1% WoW, +28% YoY, -5% YoY on lunar calendar - **Aluminum Billet Consumption**: 246 kt, -3% WoW, +638% YoY, -13% YoY on lunar calendar - **YTD Apparent Consumption**: - Overall: 4.8 mnt, +14.8% YoY - Aluminum ingot: +5.1% YoY - Aluminum billet: +45.3% YoY [4] Market Sentiment and Analysis - **Market Expectation**: Cautious outlook on demand recovery in the aluminum sector [1] - **Inventory Data Significance**: The aluminum ingot and billet inventory data is deemed more representative for calculating overall aluminum demand due to its inclusivity of various inventory types [5] - **Comparative Analysis**: Total aluminum apparent consumption decreased WoW but remains higher than the same period in 2022-23, while lower than 2024-25 on the lunar calendar [7] Additional Insights - The report emphasizes the importance of monitoring inventory levels as a key indicator of market demand and potential price movements in the aluminum sector [5]