Flash | 29 Jan 2026 09:50:18 ET │ 10 pages China Materials 2026 On-ground Demand Monitor Series #16 – 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 22nd to 28th Jan 2026. ...

Flash | 15 Jan 2026 12:44:18 ET │ 9 pages Jack Shang, CFAAC +852-2501-2441 jack.shang@citi.com China Materials 2026 On-ground Demand Monitor Series #8 – Aluminum Inventory and Consumption CITI'S TAKE In this series, we aim to track and analyze high-frequency on-ground demand trends in China, Market expectations on demand recovery have been largely cautious. In this note, we use weekly data from Mysteel, a consultant, on China aluminum ingot and billet production, inventory, and apparent consumption data dur ...

Flash | 18 Dec 2025 11:04:14 ET │ 17 pages China Materials 2025 On-ground Demand Monitor Series #181 – 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 11th to 17th Dec 2025 ...

Flash | 12 Dec 2025 04:10:17 ET │ 17 pages China Materials 2025 On-ground Demand Monitor Series #177 – 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 4th to 10th Dec 2025. ...

Flash | 27 Nov 2025 11:29:31 ET │ 11 pages China Materials 2025 On-ground Demand Monitor Series #169 – 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 20th to 26th Nov 2025 ...

Summary of Aluminum Inventory and Consumption in China (Nov 2025) Industry Overview - **Industry**: Aluminum - **Region**: China - **Report Date**: November 6, 2025 - **Source**: Citi Research, Mysteel Key Points Production Data - Total aluminum production in China for the week of October 30 to November 5, 2025, was **854,000 tons (kt)**, remaining flat week-over-week (WoW) but showing a **3% increase year-over-year (YoY)** and a **2% increase YoY on the lunar calendar [2]** - Aluminum billet production was **358,000 tons (kt)**, also flat WoW, with a **7% increase YoY** and a **6% increase YoY on the lunar calendar [2]** - Year-to-date (YTD) aluminum production for the calendar year reached **37.9 million tons (mnt)**, reflecting a **2.8% increase YoY**, while aluminum billet production totaled **15.5 million tons (mnt)**, up **6.0% YoY [2]** Inventory Levels - As of November 6, 2025, total aluminum ingot and billet inventory in China was **915,000 tons (kt)**, flat WoW, with a **4% increase YoY** and a **5% increase YoY on the lunar calendar [3]** - Breakdown of inventory: - Social inventory: **759,000 tons (kt)**, flat WoW, **10% increase YoY** - Producers' inventory: **156,000 tons (kt)**, up **2% WoW**, but down **17% YoY [3]** - Total aluminum ingot inventory was **666,000 tons (kt)**, up **1% WoW** and **6% YoY**, while aluminum billet inventory was **249,000 tons (kt)**, flat WoW and down **3% YoY [3]** Apparent Consumption - Overall aluminum apparent consumption for the week was **881,000 tons (kt)**, down **5% WoW**, flat YoY, but up **4% YoY on the lunar calendar [4]** - Specific consumption figures: - Aluminum ingot: **903,000 tons (kt)**, down **2% WoW**, flat YoY - Aluminum billet: **336,000 tons (kt)**, down **7% WoW**, but up **9% YoY [4]** - YTD overall aluminum apparent consumption reached **39.1 million tons (mnt)**, reflecting a **4.5% increase YoY [4]** Market Sentiment and Analysis - The aluminum inventory data is considered more representative for calculating overall aluminum demand as it encompasses various types of aluminum inventory [5] - The current inventory level is lower than the same period in 2021 but higher than the levels observed in 2022-2024 on the lunar calendar [5] - Apparent consumption levels have decreased WoW but are higher than the same period in 2022-2024 on the lunar calendar [7] Additional Insights - The report indicates a cautious market expectation regarding demand recovery in the aluminum sector, with a pecking order of demand across various materials: copper > battery > gold > aluminum > cement > steel > lithium > thermal coal [1]

Summary of Aluminum Inventory and Consumption in China (Week of 9th to 15th Oct 2025) Industry Overview - **Industry**: Aluminum - **Focus**: Tracking and analyzing high-frequency on-ground demand trends in China, particularly in aluminum production, inventory, and consumption [1] Key Points Production Data - **Total Aluminum Production**: 853kt, unchanged week-over-week (WoW), +3% year-over-year (YoY), and +2% YoY on the lunar calendar [2] - **Aluminum Billet Production**: 361kt, +1% WoW, +7% YoY, and +7% YoY on the lunar calendar [2] - **Year-to-Date (YTD) Production**: - Total aluminum production: 35.4 million tonnes (mnt), +2.9% YoY - Aluminum billet production: 14.4 mnt, +5.9% YoY [2] Inventory Levels - **Total Aluminum Inventory**: 976kt as of 16th Oct, -3% WoW, +1% YoY, and +6% YoY on the lunar calendar [3] - **Social Inventory**: 776kt, -2% WoW, -1% YoY, +4% YoY on the lunar calendar - **Producers' Inventory**: 200kt, -10% WoW, +10% YoY, +12% YoY on the lunar calendar - **Aluminum Ingot Inventory**: 684kt, -3% WoW, -1% YoY, +3% YoY on the lunar calendar [3] - **Aluminum Billet Inventory**: 292kt, -3% WoW, +8% YoY, +14% YoY on the lunar calendar [3] Apparent Consumption - **Overall Aluminum Apparent Consumption**: 917kt, +22% WoW, +6% YoY, +3% YoY on the lunar calendar [4] - **Aluminum Ingot Consumption**: 923kt, +10% WoW, +3% YoY, +3% YoY on the lunar calendar - **Aluminum Billet Consumption**: 355kt, +30% WoW, +15% YoY, +7% YoY on the lunar calendar - **YTD Apparent Consumption**: - Overall: 36.3 mnt, +4.1% YoY - Ingot: +3.5% YoY - Billet: +7.7% 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 inventory types [5] - Total aluminum inventory decreased WoW, indicating a tighter supply compared to the same period in 2021, but higher than 2022-2024 on the lunar calendar [5] - Apparent consumption levels increased WoW and are higher than the same period in 2022-2024 on the lunar calendar [7] Additional Insights - The current sector pecking order in terms of demand recovery is copper > battery > gold > aluminum > cement > steel > lithium > thermal coal [1]

Summary of Aluminum Inventory and Consumption in China (September 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 September 11-17, 2025 [1][4]. Key Points Production Data - Total aluminum production in China was 852,000 tons (kt), remaining flat week-over-week (WoW) but increasing by 3% 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 32.0 million tons (mnt), up 2.9% YoY, while aluminum billet production totaled 12.9mnt, up 5.7% YoY [2]. Inventory Levels - Total aluminum ingot and billet inventory stood at 927kt on September 18, 2025, reflecting a 1% increase WoW but a 5% decrease YoY [3]. - Social inventory was 780kt, up 3% WoW, while producers' inventory was 148kt, down 4% WoW [3]. - For aluminum ingots, inventory was 701kt, up 2% WoW and down 8% YoY; for aluminum billets, inventory was 226kt, down 1% WoW and up 5% YoY [3]. Apparent Consumption - Overall aluminum apparent consumption was 873kt during the week, down 2% WoW but up 6% YoY [4]. - Apparent consumption for aluminum ingots was 892kt, down 2% WoW, while for billets it was 342kt, down 1% WoW [4]. - YTD apparent consumption reached 32.9mnt, up 4.7% YoY, with ingots and billets showing increases of 4.1% and 7.6% YoY, respectively [4]. Market Sentiment - The market expectation for demand recovery in the aluminum sector remains cautious, with the latest sector ranking being copper > battery > gold > aluminum > cement > steel > lithium > thermal coal [1]. Additional Insights - The increase in total aluminum inventory during the week indicates a potential shift in demand dynamics, as inventory levels are lower than the same period in 2021-22 and 2024 but higher than in 2023 [5]. - Apparent consumption levels are higher than the same period in 2022-23 but lower than in 2024, suggesting fluctuating demand patterns [8]. Conclusion - The aluminum industry in China is experiencing stable production levels with a cautious outlook on demand recovery. Inventory levels are being closely monitored, and apparent consumption trends indicate a mixed performance compared to previous years.

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 21 to August 27, 2025 [1] Key Points Production Data - Total aluminum production in China was 849,000 tons (kt), remaining flat week-over-week (WoW) but increasing by 2% year-over-year (YoY) [2] - Aluminum billet production reached 354 kt, marking a 2% increase WoW, 3% YoY, and 4% YoY on the lunar calendar [2] - Year-to-date (YTD) aluminum production for the calendar year was 29.4 million tons (mnt), up 2.9% YoY, while aluminum billet production was 11.9 mnt, up 5.7% YoY [2] Inventory Levels - Total aluminum ingot and billet inventory stood at 911 kt on August 28, 2025, reflecting a 3% increase WoW but a 13% decrease YoY [3] - Breakdown of inventory: - Social inventory: 753 kt (+5% WoW, -19% YoY) - Producers' inventory: 158 kt (-5% WoW, +36% YoY) [3] - Specific inventory levels: - Aluminum ingot inventory: 681 kt (+4% WoW, -21% YoY) - Aluminum billet inventory: 230 kt (+1% WoW, +25% YoY) [3] Apparent Consumption - Overall aluminum apparent consumption was 868 kt, down 5% WoW but up 3% YoY [4] - Breakdown of apparent consumption: - Aluminum ingot: 886 kt (-3% WoW, +3% YoY) - Aluminum billet: 336 kt (-4% WoW, +3% YoY) [4] - YTD apparent consumption for the calendar year was 30.3 mnt, reflecting a 5.0% increase YoY [4] Market Insights - The aluminum ingot and billet inventory data is considered more representative for calculating overall aluminum demand due to its inclusivity of various inventory types [5] - The total aluminum inventory increased WoW, but levels were lower compared to the same period in 2021-2022 and 2024, while being higher than in 2023 on the lunar calendar [5] - Apparent consumption decreased WoW but was higher than the same period in 2022-2024 on the lunar calendar [7] Additional Observations - The report indicates a cautious market expectation regarding demand recovery in the aluminum sector, with a pecking order of demand being aluminum > steel > copper > thermal coal > battery > gold > lithium > cement [1] This summary encapsulates the critical data and insights from the report on the aluminum industry in China for the specified week, highlighting production, inventory, and consumption trends.