金属观察：中国铝需求具备韧性，短期前景喜忧参半，储能系统（BESS）增长为行业提供结构性支撑-Metal Matters China aluminium demand resilient near-term outlook mixed BESS gains add to structural support

Vi e w p o i n t | 12 Feb 2026 08:17:01 ET │ 14 pages Metal Matters China aluminium demand resilient; near-term outlook mixed; BESS gains add to structural support CITI'S TAKE This note provides an update on our China aluminium end‑use tracker (CAET). Implied Chinese aluminium demand grew ~4% y/y in 2025 despite a deceleration in the month of December. Stronger decarbonisation‑related demand (utilities, renewables, storage) has offset the weakness in cyclical related demand. Looking ahead, we see the decarb ...