中国铝行业 2026 展望-供应趋紧遇上需求韧性-China Aluminium Sector-2026 outlook_ Tightening supply meets resilient demand

China Aluminium Sector Equities 2026 outlook: Tightening supply meets resilient demand Entering 2026 with firmer fundamentals and rising tightness: After a year of severe raw material cost pressure in 2024, the market stabilised through 2025 as alumina and bauxite prices corrected and downstream demand continues to grow, supporting margin expansion. The aluminium market exits 2025 with signs of a structurally tighter balance as domestic utilisation remains high under the 45mt cap and inventories remain low. ...