Weekly Industry Intelligence

每周行业情报

Week 35 Aluminum Industry Hotspots

第35周铝型材行业热点清单

August 24 – August 30, 2026

LME Stocks Edge Down to 246,825t After 6 Flat Sessions; Price Holds $3,190-$3,230

LME库存六连平后降至246825吨；铝价维持3190-3230美元

EN

LME aluminum held a narrow range through the week of August 24-27: Aug 24 ($3,215.50/t), Aug 25 ($3,188.00/t), Aug 26 ($3,227.50/t, +1% intraday), Aug 27 ($3,212.50/t). Total warehouse stocks finally broke six consecutive flat sessions, edging down from 246,925 tonnes to a new record low of 246,825 tonnes on August 26. Live warrants contracted to 243,425 tonnes while cancelled warrants rose 0.74% to 3,400 tonnes. The December 2027 contract bid climbed 0.67% to $3,143/t, while the three-month Asian Reference Price settled at $3,225/t. LME alumina Platts closed at $353.32/t on August 26, keeping the alumina-to-aluminum ratio near 11% — comfortable territory for smelter margins.

中文

LME铝价在8月24-27日当周维持窄幅震荡：8月24日3215.50美元/吨、25日3188.00美元、26日3227.50美元（盘中涨超1%）、27日3212.50美元。总库存终于打破连续六个交易日持平，8月26日从246925吨降至新纪录低点246825吨。活仓单收缩至243425吨，注销仓单增加0.74%至3400吨。2027年12月合约买入价上涨0.67%至3143美元/吨，3个月亚洲参考价结算3225美元/吨。8月26日LME氧化铝Platts收盘353.32美元/吨，氧化铝对铝价比维持在约11%——冶炼厂利润的舒适区间。

Rusal Guinea Friguia Supply Shock: Train Derailment Halts Alumina Rail Link

俄铝几内亚Friguia供应链突发冲击：列车脱轨中断氧化铝铁路运输

EN

A train carrying alumina derailed in Guinea’s Dubreka province over the weekend, severing the rail link to Rusal’s Friguia alumina refinery and temporarily halting exports. Refinery production was also affected. Friguia is Rusal’s only alumina refinery in Guinea, with a design capacity of about 600,000 tonnes per year and actual annual output of around 450,000 tonnes — a critical feedstock source for Rusal’s Russian smelters. The incident adds fresh supply-chain risk on top of Guinea’s earlier bauxite export restrictions (cut from 1.83 billion to 1.5 billion tonnes, duty raised to 10%), and comes at a time when Rusal had just raised alumina self-sufficiency to 89% following its Pioneer refinery stake acquisition in India.

中文

周末，一列氧化铝运输列车在几内亚杜布雷卡省发生脱轨事故，切断了通往俄铝Friguia氧化铝厂的铁路运输，出口暂时停止，炼厂生产也受到影响。Friguia是俄铝在几内亚运营的唯一氧化铝厂，设计产能约60万吨/年，实际年产量约45万吨——为俄铝旗下俄罗斯铝厂提供关键氧化铝原料。此次事故在几内亚此前铝土矿出口限制（从18.3亿吨削减至15亿吨、关税上调至10%）之上叠加了新的供应链风险，且正值俄铝刚刚通过收购印度Pioneer精炼厂股权将氧化铝自给率提升至89%之际。

EGA to Spend $400M Repairing Conflict-Hit Smelter; Targets Q1 Recovery

EGA将斥资4亿美元维修受冲突影响冶炼厂；力争明年一季度恢复产量

EN

Emirates Global Aluminium announced it will invest $400 million to repair its smelter damaged by geopolitical conflict, aiming to restore production by Q1 next year. The repair timeline is the key variable for the global supply balance: overseas supply recovery expectations remain the core factor suppressing aluminum prices, according to Huaan Futures’ August 25 morning note. If EGA’s restart slips further, the record-low LME inventory drawdown (246,825t, less than one day of global consumption excluding Russian/Indian metal) will remain the dominant market signal, keeping the $3,600/t Q4 base-case forecast intact.

中文

阿联酋环球铝业（EGA）宣布将斥资4亿美元维修受地缘冲突影响的冶炼厂，力争在明年一季度恢复产量。维修时间表是全球供应平衡的关键变量：华安期货8月25日早评指出，海外供应端修复预期仍是压制铝价的核心因素。如果EGA重启进一步推迟，创纪录低位的LME库存去化（246825吨，剔除俄罗斯/印度金属后不足全球消费一天）将继续作为主导市场信号，支撑3600美元/吨的Q4基准预测。

Chuangxin New Materials H1: Revenue RMB 43.5B (+11.25%); Saudi Project in Full Construction

创新新材上半年营收435亿元（+11.25%）；沙特项目全面施工

EN

Chuangxin New Materials released its H1 2026 report on August 26: operating revenue RMB 43.543 billion (+11.25% YoY), net profit attributable to shareholders RMB 396 million (+11.67%), and operating cash flow RMB 915 million (+163.36%). The company’s Saudi Arabia project is now in full construction — a flagship overseas expansion by a Chinese aluminum processor. Meanwhile, Mingtai Aluminum announced on August 25 that it had raised processing fees on some products by RMB 300-500/tonne, signaling strengthening pricing power for downstream processors as raw material costs stabilize. Yangtze A00 aluminum spot averaged RMB 23,750/t on August 25 (down RMB 50), with aluminum billet stocks in major markets at 98,000 tonnes.

中文

创新新材8月26日晚间发布2026年半年报：营业收入435.43亿元（同比+11.25%），归母净利润3.96亿元（+11.67%），经营活动现金流量净额9.15亿元（+163.36%）。公司沙特项目已全面施工——这是中国铝加工企业海外扩张的旗舰项目。与此同时，明泰铝业8月25日在互动平台表示近期上调部分产品加工费300-500元/吨，显示随着原材料成本企稳，下游加工企业定价权正在增强。8月25日长江A00铝现货均价23750元/吨（跌50元），主要市场铝棒库存合计9.8万吨。

Eurasian Economic Union Extends AD Duties on Chinese Aluminum Tableware to May 2027

欧亚经济联盟延长对华铝制餐厨具反倾销措施至2027年5月

EN

On August 26, the Eurasian Economic Commission’s Department for Internal Market Protection issued Notice No. 2026/505/AD32R1, extending anti-dumping measures on heatable aluminum tableware and kitchenware originating from China until May 28, 2027 (inclusive), per Commission Decision No. 108 of August 25, 2026. This adds to the dense web of trade remedy actions facing Chinese aluminum products globally — including the EU anti-dumping sunset review, CBAM formal collection (EUR 75.28/tCO2 in Q2) with expansion to 180 downstream products planned for 2028, the US Section 232 structure (50% unwrought, 25% extrusions) with 14 additional derivative products under proposal, Pakistan’s ADC76 investigation on composite aluminum foil, and India’s BIS certification requirement.

中文

8月26日，欧亚经济委员会内部市场保护司发布第2026/505/AD32R1号公告，依据委员会2026年8月25日第108号决议，将原产于中国的可加热铝制餐厨具反倾销措施延长至2027年5月28日（含）。这进一步加密了中国铝产品在全球面临的贸易救济网络——包括欧盟反倾销日落复审、CBAM正式征收（Q2为75.28欧元/吨CO2）并计划2028年扩展至180种下游产品、美国232条款结构（原铝50%、挤压材25%）另有14种衍生产品提案中、巴基斯坦ADC76复合铝箔调查，以及印度BIS认证要求。

Alcoa Breaks Ground on Gallium Plant in Western Australia

美国铝业西澳大利亚新建镓生产厂开工

EN

Alcoa announced on August 24 that construction has begun on its new gallium production plant in Western Australia, with government officials and industry partners from Australia, Japan, and the United States attending the groundbreaking ceremony. Gallium — a critical mineral for semiconductors, LEDs, and defense applications — is produced as a byproduct of alumina refining, making alumina refineries strategic assets in the critical minerals supply chain. The tri-nation government presence underscores how allied nations are building non-Chinese supply chains for strategic minerals derived from the aluminum value chain.

中文

美国铝业（Alcoa）8月24日表示，公司在西澳大利亚新建的镓生产厂已开工，来自澳大利亚、日本和美国的政府人员和行业伙伴出席奠基仪式。镓是半导体、LED和国防应用的关键矿产，作为氧化铝精炼的副产品生产，使氧化铝精炼厂成为关键矿产供应链中的战略资产。三国政府代表的出席凸显了盟国正在从铝价值链中构建非中国战略矿产供应链。

MIIT: 15th Five-Year Plan to Push Raw Material Substitution in Nonferrous Sector

工信部："十五五"将推动有色等传统行业原料燃料替代

EN

At an August 26 State Council press conference on the "15th Five-Year Plan" launch series, the Ministry of Industry and Information Technology outlined plans to promote raw material and fuel substitution in traditional industries including nonferrous metals. Chongqing’s "Beautiful Chongqing Construction Plan (2026-2030)" issued August 21 specifically calls for strengthening comprehensive red mud utilization and promoting green synergistic development with the alumina industry. Meanwhile, Chinese equipment maker Langdun Technology commissioned a self-developed 38-tonne batch homogenizing furnace at a major Indian aluminum company on August 26 — another win for Chinese high-end aluminum processing equipment in international markets.

中文

8月26日国务院新闻办公室举行“开局起步‘十五五’”系列主题新闻发布会，工信部介绍了推动有色等传统行业原料燃料替代的规划。重庆市8月21日印发的《"十五五"美丽重庆建设规划（2026-2030年）》明确提出加强赤泥综合利用，推动其与氧化铝产业绿色协同发展。与此同时，中国装备制造商朗盾科技自主研发制造的38吨批次式均质炉8月26日在印度某大型铝企正式开机运行——中国高端铝加工热处理装备再次获得国际市场认可。

China Factory

FOSHAN NANHAI WING HING ALUMINIUM CO., LTD

Building the Future with Aluminum Excellence

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