省工业和信息化厅相关负责人表示，将抓住机遇，乘势而上，以"双碳"目标为引领，以废钢、废不 锈钢、废铝、废铜、废旧动力电池等再生资源产业为重点，实施"产废—回收—加工—用废"全产业链、 全生命周期管理，实现资源循环利用，产业发展再提速。 8月27日，辽宁资源循环产业"夯基服务"启动会暨省资源循环协会启动仪式在沈阳举行。全省资源 循环产业深入开展"夯基服务"专项行动，夯基础、搭平台、汇资源、强服务，努力把资源循环产业打造 成为具有辽宁辨识度的战略性支柱产业，加快推动工业绿色低碳循环发展。 会议由省工业和信息化厅主办。会议期间，辽宁省资源循环协会正式揭牌，并与中国循环经济协 会、鞍山经济开发区管委会、东北大学冶金学院、中信银行沈阳分行等签约，内容涵盖政产学研协同、 金融服务、大数据、产业链等方面。未来，协会将充分发挥在政策服务、标准建设、技术创新、宣传推 广等方面优势，努力成为政企合作的桥梁纽带、行业对接的交流平台、科技创新的转化基地、人才培养 的实训中心。4家资源循环企业围绕前沿技术研发成果、资源循环产业数字化转型等方面开展现场推 介。 ...

据知情人士透露，欧盟将寻求在本周末前快速推进立法，以取消对所有美国工业品的关税，这是美国总 统特朗普提出的一项要求，作为美国降低对该集团汽车出口关税的前提。 如果欧盟在本月底前提出该立法，那么对欧洲汽车征收的15%关税税率将追溯至8月1日生效。汽车是该 集团对美国最重要的出口商品之一，仅德国在2024年就向美国出口了价值349亿美元的新车和零部件。 AI播客：换个方式听新闻 下载mp3 负责为欧盟处理贸易事务的欧盟委员会，还将对某些海产品和农产品给予优惠关税税率。 音频由扣子空间生成 欧盟已承认，与特朗普达成的这项贸易安排有利于美国，但该协议对于为企业提供稳定性和确定性是必 要的。欧盟委员会主席冯德莱恩此前曾将其描述为"虽不完美但成效显著"。 此举发生之际，特朗普已威胁要对那些对美国网络服务征税的国家征收关税和其他惩罚，但他没有具体 说明他将针对哪些国家，以及欧盟是否会牵涉其中。 长期以来，特朗普一直猛烈抨击欧盟对包括谷歌母公司Alphabet和苹果公司在内的美国科技巨头进行的 技术和反垄断监管。 目前，欧盟的汽车和汽车零部件对美出口面临27.5%的关税。尽管美国和欧盟已达成一项贸易协议，将 使美国对几乎所有 ...

1. Report Industry Investment Rating No information provided in the document. 2. Core Views of the Report - The alumina market may experience a situation of double - growth in supply and demand, with a slight reduction in social inventory and an increase in exchange inventory. The electrolytic aluminum market may see a situation of stable and slightly increasing supply, temporarily weak demand but expected improvement, and a slight accumulation of industrial inventory. The overall aluminum market may face some pressure [4]. - For trading strategies, it is recommended to conduct light - position short - selling transactions for the main contract of Shanghai aluminum at high prices and light - position short - term long - buying transactions for the main contract of alumina at low prices, while paying attention to operation rhythm and risk control [4]. 3. Summary According to the Table of Contents 3.1 Week - to - Week Key Points Summary - **Market Review**: The main contract of cast aluminum first declined and then rose, with a weekly change of +0.05%, closing at 20,175 yuan/ton. The main contract of Shanghai aluminum oscillated weakly, with a weekly change of - 0.67%, closing at 20,630 yuan/ton. The alumina contract oscillated weakly, with a weekly change of - 2.09%, closing at 3,138 yuan/ton [4][5]. - **Market Outlook**: Alumina may face a situation of double - growth in supply and demand. Electrolytic aluminum may see stable and slightly increasing supply, temporarily weak demand but expected improvement [4]. - **Strategy Suggestion**: Light - position short - selling transactions for the main contract of Shanghai aluminum at high prices and light - position short - term long - buying transactions for the main contract of alumina at low prices, with attention to operation rhythm and risk control [4]. 3.2 Futures and Spot Market - **Price Movement**: As of August 22, 2025, the closing price of Shanghai aluminum was 20,650 yuan/ton, down 0.51% from August 15; the closing price of LME aluminum was 2,593 US dollars/ton, down 1.18% from August 15. The alumina futures price was 3,127 yuan/ton, down 1.14% from August 15; the closing price of the main contract of cast aluminum alloy was 20,175 yuan/ton, up 0.05% from August 15 [8][12]. - **Ratio and Spread**: As of August 22, 2025, the Shanghai - LME ratio of electrolytic aluminum was 7.95, up 0.11 from August 15. The aluminum - zinc futures spread was 1,645 yuan/ton, down 90 yuan/ton from August 15; the copper - aluminum futures spread was 58,060 yuan/ton, down 230 yuan/ton from August 15 [9][20]. - **Position and Inventory**: As of August 22, 2025, the position of Shanghai aluminum was 575,286 lots, down 4.33% from August 15; the net position of the top 20 in Shanghai aluminum was 4,602 lots, down 10,019 lots from August 15 [15]. - **Spot Market**: As of August 21, 2025, the alumina spot price in Henan, Shanxi, and Guiyang regions decreased slightly. The national average price of cast aluminum alloy (ADC12) was 20,450 yuan/ton, up 0.49% from August 15. The spot price of A00 aluminum ingot was 20,750 yuan/ton, up 0.34% from August 15, and the spot premium was 30 yuan/ton, up 30 yuan/ton from the previous week [22][23][27]. 3.3 Industry Situation - **Inventory**: As of August 21, 2025, the LME electrolytic aluminum inventory was 479,525 tons, down 0.03% from August 14; the SHFE electrolytic aluminum inventory was 120,653 tons, up 6.2% from the previous week; the domestic electrolytic aluminum social inventory was 540,000 tons, up 2.66% from August 14 [32]. - **Raw Material Import and Inventory**: As of the latest data, the nine - port inventory of domestic bauxite was 27.7 million tons, a month - on - month increase of 220,000 tons. In July 2025, the monthly import of bauxite was 20.063 million tons, a month - on - month increase of 10.75% and a year - on - year increase of 34.22% [35]. - **Waste Aluminum**: As of the latest data this week, the price of crushed waste aluminum in Shandong region was 15,800 yuan/ton, a week - on - week decrease of 100 yuan/ton. In July 2025, the import volume of waste aluminum and scrap was 160,494.61 tons, a year - on - year increase of 18.68%; the export volume was 79.39 tons, a year - on - year increase of 50.91% [41]. - **Alumina**: In July 2025, the alumina output was 7.5649 million tons, a year - on - year increase of 4.6%; the cumulative output from January to July was 52.6721 million tons, a year - on - year increase of 8.5%. The import volume was 125,900 tons, a month - on - month increase of 24.35% and a year - on - year increase of 78.23%; the export volume was 230,000 tons, a month - on - month increase of 35.29% and a year - on - year increase of 53.33% [44]. - **Electrolytic Aluminum**: In July 2025, the electrolytic aluminum output was 3.78 million tons, a year - on - year increase of 0.6%; the cumulative output from January to July was 26.38 million tons, a year - on - year increase of 2.8%. The import volume was 248,200 tons, a year - on - year increase of 91.19%; the cumulative import from January to July was 1.4975 million tons, a year - on - year increase of 11% [47][51]. - **Aluminum Products**: In July 2025, the output of aluminum products was 5.4837 million tons, a year - on - year decrease of 1.6%; the cumulative output from January to July was 38.4699 million tons, a year - on - year increase of 0.8%. The import volume was 360,000 tons, a year - on - year increase of 38.2%; the export volume was 540,000 tons, a year - on - year decrease of 7.6% [55]. - **Cast Aluminum Alloy**: In June 2025, the monthly built - in production capacity of recycled aluminum alloy was 1.26 million tons, a month - on - month decrease of 0.87% and a year - on - year increase of 19.22%. The output was 618,900 tons, a month - on - month increase of 0.48 and a year - on - year increase of 5.49% [58]. - **Aluminum Alloy**: In July 2025, the aluminum alloy output was 1.536 million tons, a year - on - year increase of 10.7%; the cumulative output from January to July was 10.628 million tons. The import volume was 69,200 tons, a year - on - year decrease of 28.39%; the export volume was 24,900 tons, a year - on - year increase of 38.3% [61]. - **Related Industries**: In July 2025, the real estate development sentiment index was 93.34, a decrease of 0.25 from the previous month and an increase of 1.23 from the same period last year. From January to July 2024, the new housing construction area was 352.06 million square meters, a year - on - year decrease of 19.5%; the housing completion area was 250.34 million square meters, a year - on - year decrease of 21.19%. From January to July 2024, the infrastructure investment increased by 7.29% year - on - year. In July 2025, the Chinese automobile sales volume was 2,593,410 units, a year - on - year increase of 14.66%; the automobile production volume was 2,591,084 units, a year - on - year increase of 13.33% [64][67]. 3.4 Option Market Analysis - Given that the aluminum price is expected to experience slight oscillatory pressure in the future, a double - selling strategy can be considered to short the volatility [72].

（原标题：安泰科7月中国铝相关产品进出口简析：铝土矿进口持续高位 下游产品出口仍具韧性） 智通财经APP获悉，安泰科发布2025年7月我国铝相关产品进出口简析。2025年7月，我国铝产品进出口 (环比)主要表现为：铝土矿进口增长;氧化铝进出口均增长；原铝进出口均增长；铝合金进出口均下降； 废铝进口增长；铝材和铝制品、铝车轮出口均增长。我国作为全球最大铝材出口国，在美国关税政策给 全球经贸秩序带来严重冲击背景下，铝材出口在承压中仍展现较强韧性。 一、铝土矿进口环比增长。 自年初以来，受中国需求增长拉动，中国铝土矿进口不断录得新高。7月份铝土矿进口2006万吨，环比 增长10.7%，同比增长34.2%。其中，自几内亚进口1594万吨，环比增长19.6%，同比增长52.0%;自澳大 利亚进口313万吨，环比增长3.9%，同比下降19.4%。铝土矿进口单价持续回落，7月份均价74.9美元/ 吨，环比下降4.9%，同比增长13.5%。 1-7月，我国累计进口铝土矿12326万吨，同比增长33.7%。其中，自几内亚进口9561万吨，同比增长 42.9%，占总进口量的77.4%;自澳大利亚进口1961万吨，同比下降9.3% ...

| MINI | FRAITY | ALPATEL | ALAFICA | | --- | --- | --- | --- | | 尼瓜多尔 | 191.93 | 39.29% | -29.86% | | 鸟拉圭 | 186.38 | 29.75% | -- | | 邮架搬 | 176.51 | -20.72% | 755.60% | | 多米尼加 | 165.76 | -42.29% | 229.60% | | 老挝 | 136.54 | -20.15% | | | ■化妆亚 | 125.16 | 5.73% | -82.17% | | 危地马拉 | 123.15 | 48.78% | -63.93% | | 保加利亚 | 96.66 | 96.46% | -50.32% | | 品零品 | 89.50 | -- | 364.43% | | 新加坡 | 87.04 | -18.10% | -21.16% | | 坦蒙尼亚 | 83.74 | -61.54% | -- | | 巴拉圭 | 77.25 | -- | 56.47% | | 匈牙利 | 73.89 | -- | -- | | 拉脱维亚 | 71.9 ...

Report Industry Investment Rating - The investment rating for the foundry aluminum alloy industry is "Bullish" [4] Core Viewpoints of the Report - The scarcity of scrap aluminum resources and the expected increase in demand for ticketed resources and imported raw materials provide strong support for the price of ADC12. Considering the expected production cuts due to policies and the strong market sentiment for long - positions, it is recommended to pay attention to the opportunity of going long on AD2511 at low prices. Additionally, an arbitrage opportunity of going long on AD2511 and short on AL2511 when the spread is below - 500 can be considered [2][15][20] Summary by Relevant Catalogs 1. Scrap Aluminum Arrival is Scarce, Beware of the Risk of Tax Rebate Decline - Last week (08/11 - 08/15), the price of recycled cast aluminum alloy ingots fluctuated strongly. The closing price of AD2511 increased by 0.3% to 20,165 yuan/ton, and the selling price of Baotai Group's ADC12 increased by 100 yuan/ton to 19,900 yuan/ton. The cost side was strongly supported, and the profit margin widened [12] - The prices of different scrap aluminum varieties showed mixed trends this week. The factors affecting the fundamentals of scrap aluminum include the cooling of the domestic anti - involution sentiment, the high inflation data in the US, the slowdown of order - taking by spot - futures traders and traditional traders, and the reduction or suspension of production by some enterprises, which suppresses the upward movement of scrap aluminum prices [13] - The raw material inventory in national alloy ingot factories and the social inventory of scrap aluminum have both increased marginally. However, due to the high price of scrap aluminum, aluminum enterprises have insufficient purchasing willingness. The arrival of scrap aluminum has decreased, and it is expected that the inventory at the scrap aluminum end will not continue to accumulate. The demand for ticketed resources and imported raw materials is expected to increase significantly, which may widen the procurement price difference between East and South China [14][15] - The 2025 (770) document requires the rectification of illegal fiscal rebates and subsidies in local government investment promotion. The cancellation of tax rebates and the investigation of reverse - invoicing will significantly increase enterprise production costs, and there may be a transfer of production capacity in tax - preferential areas. It is expected that the spot supply of aluminum alloy will tighten significantly, which is negative for scrap aluminum prices [16] 2. Review of Weekly Industry News - The National Development and Reform Commission and other four ministries jointly issued a notice to rectify illegal fiscal rebates and subsidies in local government investment promotion, including the full - scale inspection and abolition of relevant policies, the immediate suspension of illegal clauses in existing projects, and the prohibition of various illegal operations. For some specific violations, a transition period can be set, with the latest exit deadline of August 2027 [21] - The US government announced an expansion of the scope of the 50% tariff on steel and aluminum imports, including hundreds of derivative products. The expanded tariff list will take effect on August 18 [21] 3. Monitoring of Key High - Frequency Data in the Industrial Chain 3.1 Scrap Aluminum: Tight Arrival and Slight Inventory Accumulation - The report provides multiple data charts on scrap aluminum, including monthly production, monthly shipments, weekly procurement volume of traders, regional production, inventory of traders and foundry aluminum alloy factories, price trends, and the price difference between scrap and primary aluminum, reflecting the current situation of tight arrival and slight inventory accumulation of scrap aluminum [23][25][27] 3.2 ADC12: Strong Price and High Social Inventory - The report presents data on the closing price of the main contract of foundry aluminum alloy, term structure, basis, sales price, price difference with A00 aluminum, production and operation rate of recycled aluminum alloy ingots, social and in - factory inventory, and production and import profits, indicating that the price of ADC12 is strong and the social inventory is high [35][38][40] 3.3 Downstream: Weakening Start - up of Semi - Steel Tires and the Automobile Industry Still in the Off - season - The report uses data on the monthly consumption of recycled cast aluminum, automobile production (including new energy and fuel vehicles), motorcycle production, inventory warning index, and start - up rates of semi - steel and full - steel tires to show that the start - up of semi - steel tires is weakening and the automobile industry is still in the off - season [59][60][62]

News Summary Core Viewpoint - The domestic recycled aluminum alloy ingot inventory has stabilized, ending a continuous accumulation trend since early May, with supply tightness persisting in the market [1] Supply and Inventory - As of August 7, the social inventory of recycled aluminum alloy ingots in major consumption areas was 33,400 tons, remaining stable compared to the previous week [1] - The operating rate of recycled aluminum alloy enterprises has not changed significantly, and the supply of scrap aluminum remains tight, leading to poor profit margins for aluminum alloy manufacturers [1] - On August 13, the daily social inventory of recycled aluminum alloy ingots in Foshan, Ningbo, and Wuxi totaled 31,611 tons, an increase of 138 tons from the previous trading day and an increase of 393 tons from August 6 [1] Market Sentiment and Price Dynamics - According to Yide Futures, the downstream aluminum alloy market is still in a consumption off-season, but financial demand is increasing, indicating a "not-so-weak" off-season; alloy manufacturers are in a profitable situation [2] - Guoxin Futures notes that aluminum alloy prices are running strong alongside Shanghai aluminum, with scrap aluminum prices rising to high levels, which increases the cost of aluminum alloys and supports bottom price levels [2] - The pressure from the consumption off-season continues to suppress both spot and futures prices of aluminum alloys, with inventory data showing a state of accumulation and remaining at historically high levels [2]

Report Industry Investment Rating No information is provided in the report regarding the industry investment rating. Core Viewpoints of the Report - Alumina: The raw - material supply is sufficient, with the import volume of bauxite in China increasing and port inventories accumulating. The supply is relatively abundant in the short - term and may converge in the long - term due to the "anti - involution" policy. The demand from electrolytic aluminum is stable as its production capacity approaches the upper limit. Overall, the alumina industry is expected to improve [6]. - Electrolytic aluminum: The supply is relatively stable as the production capacity is close to the upper limit, but the demand is weak due to the off - season. However, long - term consumption expectations are positive, and industrial inventories are slightly accumulating [6]. - Cast aluminum: The supply and demand are both weak. The supply is affected by the tight supply of scrap aluminum, and the demand is weak due to the off - season, resulting in inventory accumulation and pressure on prices [8]. Summary According to the Directory 1. Weekly Key Points Summary - **Market Performance**: Shanghai Aluminum (SHFE Aluminum) showed a slightly stronger oscillatory trend, rising 1.22% to 20,760 yuan/ton. Alumina also trended stronger, rising 9.42% to 3,428 yuan/ton. Cast aluminum rose 1.31% to 20,135 yuan/ton [6][8]. - **Market Outlook**: Alumina is in a stage of sufficient supply and stable demand; electrolytic aluminum has stable supply, weak short - term demand, and positive long - term consumption expectations; cast aluminum has weak supply and demand and accumulating inventory [6][8]. - **Strategy Recommendations**: Trade the main contract of SHFE Aluminum lightly with an oscillatory strategy, and go short - term long on the main contract of alumina at low prices [6]. 2. Futures and Spot Markets - **Futures Price Changes**: As of July 25, 2025, SHFE Aluminum closed at 20,775 yuan/ton, up 1.02% from July 18; LME Aluminum closed at 2,646 dollars/ton on July 24, up 2.2% from July 18. Alumina futures rose 9.47% to 3,446 yuan/ton, and cast aluminum futures rose 1.31% to 20,135 yuan/ton [11][15]. - **Ratio and Spread Changes**: The SHFE - LME ratio of electrolytic aluminum was 7.86 on July 25, up 0.01 from July 18. The aluminum - zinc futures spread was 2,125 yuan/ton on July 25, up 340 yuan/ton from July 18, and the copper - aluminum futures spread was 58,490 yuan/ton, up 590 yuan/ton [12][23]. - **Spot Price Changes**: On July 25, 2025, the average price of alumina in Henan, Shanxi, and Guiyang rose, with increases of 1.74%, 1.89%, and 1.89% respectively. The national average price of cast aluminum alloy (ADC12) rose 0.5%. The A00 aluminum ingot spot price rose 0.19% to 20,800 yuan/ton, and the spot premium was 10 yuan/ton, down 110 yuan/ton from last week [27][28][31]. 3. Industry Situation - **Inventory**: As of July 24, 2025, LME electrolytic aluminum inventory increased by 4.89%, SHFE inventory increased by 5.45%, and domestic social inventory increased by 7.19%. SHFE electrolytic aluminum warehouse receipts decreased by 17.84% on July 25, and LME registered warehouse receipts increased by 3.23% on July 24 [36]. - **Raw Material Supply**: In June 2025, the import of bauxite increased by 3.45% month - on - month and 36.21% year - on - year; from January to June, the import increased by 33.61% year - on - year. The nine - port inventory of bauxite increased by 188 tons [39]. - **Production and Trade**: In June 2025, the production of alumina, electrolytic aluminum, and various aluminum products increased year - on - year. The import and export of some products also changed, such as an increase in the import of electrolytic aluminum and a decrease in the export of some aluminum products [48][51][55]. - **Downstream Markets**: The real estate market declined slightly in June 2025, while infrastructure investment was positive, and automobile production and sales increased year - on - year [68][71]. 4. Options Market Analysis - **Strategy Recommendation**: Considering the expected slight oscillatory trend of aluminum prices in the future, a double - selling strategy can be considered to short volatility [75].

Steel Recycling Industry - The current price index for scrap steel in China is 2178 yuan/ton, remaining stable compared to the previous working day, indicating a cautious trading environment for scrap steel manufacturers [3][20]. - A detailed overview of scrap steel prices across various cities shows that prices for heavy scrap (≥6mm) range from 1950 to 2360 yuan/ton, with most regions reporting stable prices [4][5]. Paper Recycling Industry - The current price index for recycled paper in China is 1551 yuan/ton, with a slight increase of 1 yuan/ton from the previous working day, suggesting a stable market for paper recyclers [7][20]. - A comprehensive list of recycled paper prices indicates that prices for first-grade paper in Shandong range from 1410 to 1580 yuan/ton, with no significant changes reported [9]. Aluminum Recycling Industry - The current price for recycled aluminum in China is 15400 yuan/ton, reflecting a stable market condition for aluminum recyclers [10][20]. - A regional price overview shows that prices for bright aluminum wire range from 18100 to 18500 yuan/ton in various cities, with most prices remaining stable [11][12]. Copper Recycling Industry - The current price for recycled copper in China is 73700 yuan/ton, indicating a stable pricing environment for copper recyclers [14][20]. - A detailed price list reveals that bright copper prices range from 72100 to 73400 yuan/ton across different regions, with most areas experiencing a decrease of 100 yuan/ton [17][18].

Summary of Aluminum Market Conference Call Industry Overview - The conference call focuses on the aluminum market, specifically the alumina sector, with insights into supply, demand, and pricing dynamics for the upcoming quarters and years [1][3][6]. Key Points and Arguments 1. **Short-term Supply and Pricing Dynamics** - The alumina market is expected to experience a short-term surplus of approximately 90,000 tons in July due to restarts and new capacity releases, alongside increased imports from Indonesia, which will exert downward pressure on prices [1][3]. - Current warehouse inventory is around 20,000 tons, indicating a tight supply situation that could lead to short-term funding risks [2][3]. 2. **Long-term Supply Expectations** - Long-term supply is projected to gradually become more abundant, with an overall surplus of about 450,000 tons expected, including both metallurgical and chemical grades [1][8]. - The alumina price is anticipated to fluctuate between 2,800 and 3,200 CNY, with limited downside potential unless unforeseen events occur at the mining level [1][8]. 3. **Price Pressure and Support Levels** - Short-term price resistance is identified between 3,100 and 3,200 CNY, influenced by market sentiment and the opening of import windows [2][6]. - The price target for the aluminum market in Q3 2025 is set at 21,000 CNY, with recommendations to adopt a buy-on-dip strategy [9][25]. 4. **Impact of Guinea's Policy Changes** - The Guinean government plans to introduce a price index and control bauxite sales, which may lead to increased mineral prices, although no immediate impact on production or transportation has been observed [5][6]. - The expected price for bauxite in Q4 is projected to rise to 80 USD, which could influence alumina pricing [1][5]. 5. **Market Observations and Risks** - Key observation points include daily changes in warehouse inventory, production progress in Guangxi, and the impact of Indonesian imports and Guinean policy changes on supply-demand balance and pricing [7][8]. - The potential for black swan events at the mining level could lead to price increases, necessitating close monitoring of market conditions [1][8]. 6. **Domestic Demand and Supply Challenges** - Domestic demand for aluminum is currently weak, with pressures noted in both construction and industrial sectors [18][19]. - The supply of scrap aluminum is tight, with domestic sources accounting for 75-80% of supply, and challenges in recycling further exacerbate the situation [17][18]. 7. **Geopolitical and Economic Influences** - Geopolitical tensions in the Middle East could disrupt supply chains and increase transportation costs, impacting the aluminum market [20][23]. - The overall economic outlook suggests a soft landing, with stable demand in the automotive sector, which may support aluminum prices [14][19]. Additional Important Insights - The LME's new regulations aimed at curbing warehouse congestion have had limited immediate effects on pricing structures, but the concentration of trading positions remains high, which could prevent significant price drops [12][13]. - The relationship between copper and aluminum prices indicates that while both markets are influenced by volatility, aluminum's performance is currently weaker due to lower demand in key sectors [21][22]. This summary encapsulates the critical insights from the conference call regarding the aluminum market, highlighting both current conditions and future expectations.