金属观察：“十五五” 期间政策指向结构性趋紧市场，中国铝需求仍具韧性-Metal Matters_ China’s aluminium demand still resilient as policy points to a structurally tighter market during 15th FYP_

Vi e w p o i n t | 13 Nov 2025 12:55:01 ET │ 17 pages Metal Matters China's aluminium demand still resilient as policy points to a structurally tighter market during 15th FYP CITI'S TAKE We upgrade our aluminum 0-3mth pt price to $2,950/t as the market increasingly pulls forward medium/long-term optimism, bringing current pricing closer to our 6-12mth target of US$3,000/t and reflecting an ongoing re-pricing of structurally bullish expectations well in advance of anticipated physical deficits. We also discu ...