Workflow
Aluminum
icon
Search documents
高盛:中国金属需求 - 拆解韧性增长,前置需求给前景带来压力
Goldman Sachs· 2025-07-07 15:44
4 July 2025 | 12:45PM HKT China Metals & Mining Chinese metal demand - decomposing the resilient growth, front-loaded demand weighs on outlook The strength of Chinese metal demand YTD has been resilient. However, decomposing the growth by downstream sector suggests large contributions to the growth are front loaded in nature, including rush installations of renewables, and sizable stimulatory consumption from Autos and Appliances on the back of the trade-in program. With this, we expect much decelerated gro ...
花旗:中国材料_2025 年实地需求监测系列 - 铝库存与消费
花旗· 2025-07-07 15:44
Flash | 03 Jul 2025 13:02:34 ET │ 10 pages China Materials 2025 On-Ground Demand Monitor Series #97 – Aluminum Inventory and Consumption CITI'S TAKE In this series of notes, we aim to track and analyze high-frequency on- ground demand trends in China – market expectation on demand recovery has been largely cautious. In this note, we enclose weekly data from Mysteel, a consultant, on China aluminum ingot and billet production, inventory, and apparent consumption data during the week of 26th Jun to 2 nd Jul 2 ...
花旗:中国材料_与上海钢联举行的铝产品专家电话会议要点
花旗· 2025-07-07 15:44
Flash | 04 Jul 2025 11:23:44 ET │ 8 pages China Materials Takeaways from Aluminum Product Expert Call with Mymetal CITI'S TAKE We hosted an aluminum product expert call with Mr. Tong Yilai, Aluminum Product Research Analyst of Mymetal on 4th July. Aluminum demand in solar power industry is mainly for aluminum industrial profiles and foil sheet. The demand has been decreasing since mid-May and the decline has slowed down into July. The weekly aluminum industrial profile output for sampled Chinese producers i ...
X @Bloomberg
Bloomberg· 2025-07-02 20:52
Aluminerie Alouette, an aluminum maker that’s partially owned by Rio Tinto, is planning to commit as much as C$1.5 billion to modernizing its facilities in northern Quebec https://t.co/DnQikFUeyz ...
【行业前瞻】2025-2030年全球及中国铝型材行业发展分析
Sou Hu Cai Jing· 2025-07-01 11:07
行业主要上市公司:中国铝业(SH:601600)、南山铝业(SH:600219)、云铝股份(SZ:000807)、神火股份 (SZ:000933)、明泰铝业(SH:601677)、中孚实业(SH:600595)、新疆众和(SH:600888)、豪美新材 (SZ:002988)、亚太科技(SZ:002540)、天山铝业(SZ:002532)等 几内亚铝土矿储量全球第一,占比25.52% 铝元素在地壳中的含量仅次于氧和硅,居第三位,是地壳中含量最丰富的金属元素。世界铝土矿资源丰 富,但储量和产量高度集中于几内亚、澳大利亚、越南、巴西、印度尼西亚、中国、印度、俄罗斯等少 数国家。中国是全球铝土矿资源大国,但铝土矿储量世界占比有限,且铝土矿品质总体不佳,在全球铝 土矿产业链中扮演着最大需求者和最大消费者的角色,多年来持续成为全球最大的铝土矿进口国和最大 的铝土矿、氧化铝、原铝和精炼铝消费国。截至2024年底,全球已探明铝土矿储量约290亿吨,静态储 采比约为64.44年。2024年,几内亚铝土矿储量全球第一,占比25.52%。 全球铝型材轻量化需求增加 全球铝型材市场规模整体增长,轻量化需求持续增加,特别是在汽车、航 ...
花旗:中国材料_重新评估 3 个短期观点,铝和锂类股仍受青睐,对钢铁类股不再那么乐观
花旗· 2025-07-01 00:40
Flash | 26 Jun 2025 04:50:43 ET │ 16 pages China Materials Re-assessing 3 near-term calls, Aluminum & Lithium Names Still Preferred, Less Bullish on Steel Names CITI'S TAKE We are calling for steel supply reform, near-term lithium price bottom, and potential corporate actions from aluminum names within China Materials. Lithium and aluminum names have performed quite well, whilst steel names lagged. It is time for a re-assessment. Our key understandings: (1) Steel – NBS dataset was relatively discouraging vs ...
Constellium Honored with Three Supplier Awards from Airbus
Globenewswire· 2025-06-24 11:30
Core Points - Constellium SE has received three awards at the 2025 Airbus Supply Chain & Quality Improvement Program, recognizing its excellence in quality and delivery performance [1] - The Issoire plant was awarded the "Accredited Supplier" award for the second consecutive year, highlighting its sustained excellence and reliability [2] - The Issoire facility also received a special recognition for sustainability due to significant reductions in water withdrawal over the past decade [3] - The Montreuil-Juigné site was recognized as the "Best Improver," reflecting its positive performance trajectory in quality and supply chain contributions [4] - Philippe Hoffmann, President of Constellium's Aerospace and Transportation business unit, emphasized the company's commitment to operational performance, circularity, and sustainability [5] - Constellium generated $7.3 billion in revenue in 2024, positioning itself as a leader in innovative aluminum products across various markets [6]
花旗:中国材料 _ 2025 年实地需求监测-铝库存与消费
花旗· 2025-06-23 02:09
Investment Rating - The investment rating for Aluminum Corporation of China (Chalco) is "Buy" with a target price of Rmb9.62 per share based on a 2.22x 2025E P/B [18] - The investment rating for Baoshan Iron & Steel is "Buy" with a target price of Rmb8.2 per share based on a 0.85x 2025E P/B [22] - The investment rating for Tianqi Lithium is "Hold" with a target price of HK$23.0 for H-shares and Rmb26.26 for A-shares [24][27] Core Insights - The report indicates cautious market expectations regarding demand recovery in the aluminum sector in China, with a near-term pecking order of steel > aluminum > lithium > copper > gold > battery > thermal coal > cement [1] - Total aluminum production in China for the week of June 12-18, 2025, was 845kt, flat week-over-week (WoW), and up 3% year-over-year (YoY) [2] - Total aluminum inventory in China stood at 722kt on June 19, 2025, reflecting a 1% increase WoW but a significant 38% decrease YoY [3] - Apparent aluminum consumption in China was 849kt during the same week, down 6% WoW but up 5.8% YoY for the year-to-date [4] Production Summary - China's total aluminum production year-to-date reached 20.9 million tonnes (mnt), representing a 3.2% increase YoY, while aluminum billet production was 8.4mnt, up 6.2% YoY [2] - Aluminum billet production for the week was 365kt, flat WoW, and up 9% YoY [2] Inventory Summary - The total inventory of aluminum ingots was 493kt, down 3% WoW and 40% YoY, while aluminum billet inventory was 229kt, up 9% WoW but down 30% YoY [3] - The inventory levels are lower than the same period in 2021-2024 on a lunar calendar basis [7] Consumption Summary - Apparent consumption of aluminum ingots was 885kt, down 3% WoW but up 1% YoY, while aluminum billet apparent consumption was 329kt, down 7% WoW but up 3% YoY [4] - Year-to-date apparent consumption of aluminum in China reached 21.6mnt, reflecting a 5.8% increase YoY [4]
摩根大通:全球大宗商品周评
摩根· 2025-06-19 09:47
Global Commodities Research 13 June 2025 J P M O R G A N Global Commodities The Week in Commodities At Any Rate: Aluminum's premium paralysis Global Commodities Research Natasha Kaneva (1-212) 834-3175 natasha.kaneva@jpmorgan.com JPMorgan Chase Bank NA Tracey Allen (44-20) 7134-6732 tracey.l.allen@jpmorgan.com J.P. Morgan Securities plc This is a summary note that consolidates the latest views of our global commodity strategists published over the week; to read detailed reports, refer to the hyperlinks. It ...
Alcoa (AA) FY Conference Transcript
2025-06-17 16:00
Alcoa (AA) FY Conference Summary Industry Overview - The aluminum industry is positioned for long-term growth due to its essential role in various sectors including renewable energy, electric vehicles, and industrial processes [3][4] - Alcoa emphasizes aluminum's importance in the transition to a low-carbon economy, highlighting its applications in solar panels and wind turbines [3] Key Financial Insights - Alcoa managed to limit the potential tariff cost increase from $30 million to $10 million by redirecting Canadian-produced metal to non-U.S. customers, preserving margins despite reduced revenue [6] - The second quarter guidance was adjusted due to changes in the aluminum segment's benefits from lower alumina prices, with expected benefits reduced from $165 million to $140 million [7] - The tax provision for the second quarter is expected to approximate zero, negating previously anticipated tax benefits [7] Tariff Impact - The recent increase in tariffs from 25% to 50% has led to a rise in the Midwest premium, which peaked at $0.68 per pound but has since declined [13] - Alcoa's Canadian production is negatively impacted by tariffs, as the costs exceed earnings from U.S. sales [15] - Ongoing discussions with the U.S. administration aim to address the negative impacts of tariffs on Alcoa and the broader aluminum industry [20][22] Operational Updates - The smelter in Spain is currently shut down due to a power outage, with plans to restart contingent on government feedback regarding the outage's cause [30][31] - Alcoa is progressing with a new mine approval in Australia, expected to enhance aluminum production and reduce costs significantly by 2029 [62][64] Market Dynamics - Chinese aluminum demand has slowed, but growth is observed in India and Southeast Asia, with a projected 7% CAGR in primary aluminum demand in India through 2029 [37] - Alcoa is exploring opportunities to sell idled assets to hyperscalers, with several sites being marketed for potential data center use [39][40] Balance Sheet and Financial Health - Alcoa's adjusted net debt target is set between $1 billion and $1.5 billion, with a current debt level of $2.1 billion, indicating ongoing deleveraging efforts [45][46] - The company has successfully managed its pension liabilities, which are now fully funded in the U.S. [46][53] Future Growth Opportunities - Alcoa is focusing on growth through its current portfolio and exploring new opportunities in the industry, including enhancing capabilities for recycled content to meet European demand [48][49] - The company is open to strategic opportunities but has no immediate announcements [49] Conclusion - Alcoa is navigating a complex landscape influenced by tariffs, operational challenges, and market dynamics while positioning itself for future growth through strategic investments and operational efficiencies [59][60]