中国材料_2026 实地需求监测-铝库存与消费-China Materials_ 2026 On-ground Demand Monitor Series #8 – Aluminum Inventory and Consumption

Summary of Aluminum Inventory and Consumption in China (January 2026) Industry Overview - Industry: Aluminum - Focus: Tracking and analyzing high-frequency on-ground demand trends in China for aluminum ingot and billet production, inventory, and consumption during the week of January 8–14, 2026 [1] Key Points Production Data - Total Aluminum Production: 857,000 tons (kt), flat week-over-week (WoW), +3% year-over-year (YoY), and +3% YoY on the lunar calendar [2] - Aluminum Billet Production: 344,000 kt, -3% WoW, +6% YoY, flat YoY on the lunar calendar [2] - Year-to-Date (YTD) Production: - Total aluminum production: 2.6 million tons (mnt), +2.8% YoY - Aluminum billet production: 1.1 mnt, +5.4% YoY [2] Inventory Levels - Total Aluminum Inventory: 1,172 kt on January 15, 2026, +7% WoW and +51% YoY - Social Inventory: 963 kt, +7% WoW, +59% YoY - Producer Inventory: 210 kt, +8% WoW, +24% YoY - Aluminum Ingot Inventory: 837 kt, +5% WoW, +66% YoY - Aluminum Billet Inventory: 335 kt, +12% WoW, +25% YoY [3] Apparent Consumption - Overall Aluminum Apparent Consumption: 794 kt, +8% WoW, -7% YoY - Aluminum Ingot Consumption: 843 kt, +5% WoW, -6% YoY - Aluminum Billet Consumption: 295 kt, +2% WoW, +4% YoY - YTD Apparent Consumption: - Overall: 2.3 mnt, -7.2% YoY - Aluminum ingot: -6.1% YoY - Aluminum billet: +3.5% 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 types of aluminum inventory. - Total aluminum inventory increased WoW, higher than the same period in 2022 and 2024-25, but lower than in 2023. - Apparent consumption increased WoW, higher than the same period in 2022-23 but lower than in 2024-25 [5] Additional Insights - Market expectations on demand recovery remain cautious, indicating a potential risk for future investments in the aluminum sector [1] - The data reflects a mixed outlook for the aluminum industry, with production and inventory levels showing growth, while apparent consumption presents a decline YoY [4][5] This summary encapsulates the key findings from the aluminum inventory and consumption report, providing insights into production, inventory, and consumption trends within the Chinese aluminum market.