2025-12-02 06:57Summary of Aluminum Industry Research Report Industry Overview - The report focuses on the aluminum industry in China, specifically tracking high-frequency demand trends and inventory levels from November 20 to November 26, 2025. The overall market expectation for demand recovery remains cautious [1]. Key Data Points Production - Total aluminum production in China was 856,000 tons (kt), remaining flat week-over-week (WoW) but showing a 3% increase year-over-year (YoY). Aluminum billet production was 363 kt, also flat WoW, with an 8% increase YoY [2]. Inventory - As of November 27, 2025, total aluminum ingot and billet inventory was 887 kt, a decrease of 3% WoW but an increase of 3% YoY. The breakdown includes: - Social inventory: 734 kt, down 4% WoW, up 9% YoY - Producers' inventory: 153 kt, up 4% WoW, down 17% YoY - For aluminum ingot, inventory was 652 kt (down 3% WoW, up 6% YoY), and for aluminum billet, it was 235 kt (down 2% WoW, down 2% YoY) [3]. Apparent Consumption - Overall aluminum apparent consumption was 911 kt, up 2% WoW and 11% YoY. Specific consumption figures include: - Aluminum ingot: 928 kt, up 2% WoW, 11% YoY - Aluminum billet: 345 kt, down 1% WoW, up 8% YoY - Year-to-date apparent consumption for aluminum was 41.8 million tons (mnt), reflecting a 4.5% increase YoY [4]. Core Insights - The report emphasizes that the aluminum ingot and billet inventory data is more representative for calculating overall aluminum demand, as it encompasses a broader range of inventory types. The total aluminum inventory decreased WoW, indicating a tighter supply compared to the same period in 2021, although it remains higher than in 2022-2024 on a lunar calendar basis [5]. Investment Recommendations - Top picks in the aluminum sector include: - Hongqiao - Chalco H/A - Zijin Mining H/A - CATL-A [1]. Additional Notes - The report indicates that the apparent consumption level is higher than the same period in 2022-2024 on a lunar calendar basis, suggesting a potential recovery in demand [7]. Companies Mentioned - Aluminum Corporation of China (2600.HK; 601600.SS) - CATL (300750.SZ) - China Hongqiao (1378.HK) - Zijin Mining (2899.HK; 601899.SS) [16]. This summary encapsulates the key findings and insights from the aluminum industry research report, providing a comprehensive overview of production, inventory, consumption, and investment opportunities within the sector.