Weekly Industry Intelligence

每周行业情报

Week 37 Aluminum Industry Hotspots

第37周铝型材行业热点清单

September 7 – September 13, 2026

LME Stocks Plunge to 244,100 Tonnes; Price Tests $3,350-$3,360 Resistance

LME库存暴跌至244100吨；铝价测试3350-3360美元阻力

EN

LME aluminum prices climbed steadily through the week of September 7-10: Sep 7 (cash $3,310/t, stock 244,525t), Sep 8 ($3,325/t, 244,525t), Sep 9 ($3,352/t, 244,525t — the weekly peak), Sep 10 ($3,343/t, 244,350t). By September 11, total warehouse stocks fell further to 244,100 tonnes per metal.com — extending the relentless drawdown that has now persisted for over 150 consecutive trading sessions without a single daily build. The 244,100-tonne level represents a fresh century low: 52.1% below the January 2 opening of 509,250 tonnes. The 2026 year-to-date average price stands at $3,345/t, with the year high of $3,855/t recorded on June 2 and the low of $2,986/t on January 2. The $3,350-$3,360 zone has emerged as the key resistance level; a decisive breakout above this range could open the path to Citibank’s $3,600/t short-term target.

中文

LME铝价在9月7-10日当周稳步攀升：9月7日现货3310美元/吨（库存244525吨）、8日3325美元/吨（244525吨）、9日3352美元/吨（244525吨——周高点）、10日3343美元/吨（244350吨）。至9月11日，metal.com数据显示总仓库库存进一步降至244100吨——这波无情的去化已持续超过150个交易日，无一次每日增库。244100吨水平再创世纪新低：较1月2日开盘的509250吨低52.1%。2026年至今均价3345美元/吨，年内高点3855美元/吨（6月2日），低点2986美元/吨（1月2日）。3350-3360美元区间已成为关键阻力位；决定性突破此区间可能打开通往花旗3600美元/吨短期目标的路径。

Rio Tinto Acquires Aurukun Bauxite Project from Glencore and Mitsubishi

力拓从嘉能可和三菱手中收购Aurukun铝土矿项目

EN

Rio Tinto has agreed to acquire the Aurukun bauxite project on Queensland’s Cape York Peninsula from Glencore and its joint-venture partner Mitsubishi Corporation. The transaction price was not disclosed, and the deal remains subject to approval by the Queensland government and other relevant regulators. Aurukun is a significant greenfield bauxite deposit that would bolster Rio Tinto’s long-term alumina and aluminum supply chain security. The acquisition signals continued upstream consolidation among major miners as they secure feedstock amid tightening global bauxite availability — compounded by Guinea’s export restrictions (cut to 1.5 billion tonnes, duty raised to 10%) and Rusal’s Friguia refinery rail disruption.

中文

力拓已同意从嘉能可及其合资伙伴三菱商事手中收购位于昆士兰州约克角半岛的Aurukun铝土矿项目。交易价格未披露，交易仍需获得昆士兰州政府及其他相关监管机构批准。Aurukun是一个重要的绿地铝土矿床，将增强力拓长期氧化铝和铝供应链安全。此次收购表明，在全球铝土矿供应日益紧张的背景下——几内亚出口限制（削减至15亿吨，关税上调至10%）和俄铝Friguia炼厂铁路中断加剧了这一趋势——主要矿商继续进行上游整合以锁定原料。

Shanghai Yousheng Aluminum Bulgaria Expansion Inaugurated; PM Attends

上海友升铝业保加利亚扩建项目落成；总理出席

EN

On September 9, 2026, Shanghai Yousheng Aluminum’s Bulgarian subsidiary ZS Europe held the inauguration ceremony for its factory expansion at the Thrace Economic Zone (TIZ) in Bulgaria. Bulgarian Prime Minister Rumen Radev attended and delivered remarks. Chinese Ambassador to Bulgaria Dai Qingli and Economic Affairs Counselor Song Huiqin also attended. The expansion represents a significant milestone in Chinese aluminum extrusion companies’ European footprint, building on earlier investments and responding to the EU’s Carbon Border Adjustment Mechanism (CBAM) by establishing local production capacity. The facility serves European automotive and construction markets with precision extruded aluminum profiles.

中文

2026年9月9日，上海友升铝业保加利亚子公司ZS Europe在保加利亚色雷斯经济区（TIZ）举行工厂扩建项目落成典礼。保加利亚总理鲁门·拉德夫出席活动并致辞。中国驻保加利亚大使戴庆利及经济事务参赞宋惠勤陪同出席。此次扩建是中国铝型材企业欧洲布局的重要里程碑，在原有投资基础上进一步扩张，通过建立本地产能来应对欧盟碳边境调节机制（CBAM）。该工厂为欧洲汽车和建筑市场提供精密挤压铝型材。

Russian Aluminum Dominates LME at 60% of Available Stocks; Diversification Urgent

俄铝主导LME可用库存占比达60%；多元化迫在眉睫

EN

DiscoveryAlert analysis shows Russian aluminum reached 60% of available LME stocks in September 2026 — up 2 percentage points month-over-month. Absolute Russian-origin volume stood at 251,700 metric tonnes. Available inventories hit their lowest levels since May 2025. The concentration risk is acute: with Russian plus Indian metal together comprising roughly 96% of warrant-eligible inventory, only about 4% — under 10,000 tonnes — comes from Middle Eastern, European and other origins. This leaves the LME system dangerously exposed to any disruption in Russian metal flows, whether from sanctions, logistics, or geopolitical events. Traders and end-users are increasingly seeking alternative pricing mechanisms and off-exchange sourcing to reduce dependence on the LME warrant system.

中文

DiscoveryAlert分析显示，2026年9月俄罗斯铝占可用LME库存的60%——月环比上升2个百分点。俄罗斯来源绝对量为251700吨。可用库存降至2025年5月以来最低水平。集中度风险严峻：俄罗斯加印度金属合计约占可交割仓单库存的96%，仅约4%——不到10000吨——来自中东、欧洲和其他来源。这使LME体系在任何俄罗斯金属流中断（无论是制裁、物流还是地缘政治事件）面前都极为脆弱。贸易商和终端用户正越来越多地寻求替代定价机制和场外采购，以减少对LME仓单体系的依赖。

2026 YTD Aluminum Average $3,345/t; June 2 Peak $3,855 Remains Year High

2026年铝均价3345美元/吨；6月2日峰值3855美元仍为年内高点

EN

Metalcharts.org data confirms the 2026 year-to-date aluminum price average at $3,345 per tonne, with a minimum of $2,986/t (January 2) and a maximum of $3,855/t (June 2). The June peak was driven by sustained 50% US Section 232 tariffs and West Asia supply disruptions, pushing prices to their highest since the March 2022 all-time high of approximately $4,073/t. Despite the 2025-2026 tariff and supply shocks, no new all-time high was set; the March 2022 record still stands. The current price of approximately $3,243/t (as of September 11 per metalcharts) represents a 15.9% discount to the June peak but a 7.7% premium to the January low, reflecting the market’s conviction that structural tightness persists even after the mid-year correction.

中文

Metalcharts.org数据确认2026年至今铝均价为3345美元/吨，最低2986美元/吨（1月2日），最高3855美元/吨（6月2日）。6月峰值由美国232条款50%关税和西亚供应中断共同推动，价格达到2022年3月约4073美元/吨历史高点以来的最高水平。尽管2025-2026年关税和供应冲击不断，但未创出历史新高；2022年3月的纪录仍然保持。9月11日金属图表显示当前价格约3243美元/吨，较6月峰值折价15.9%，但较1月低点溢价7.7%，反映出市场确信即使在年中回调后结构性紧张依然存在。

LME Inventory Drawdown Persists for 150+ Sessions; No Daily Build Since February

LME库存去化持续150+交易日；自2月以来无一次增库

EN

The LME aluminum warehouse stock drawdown has now exceeded 150 consecutive trading sessions without a single daily increase — an unprecedented streak in modern exchange history. The Vault Report’s daily archive, covering every session since January 2, 2008 (4,711 sessions), shows the current streak is more than 70% longer than the previous record of 89 sessions (March-July 2016). Total stocks have fallen from 509,250 tonnes on January 2 to 244,100 tonnes on September 11 — a decline of 265,150 tonnes (52.1%) in just over eight months. The last 30 days alone accounted for a 4.6% drop. With coverage now estimated at well under one day of global consumption (excluding Russian and Indian metal), the market is operating in uncharted scarcity territory.

中文

LME铝仓库库存去化现已超过150个连续交易日无一次每日增加——这是现代交易所历史上前所未有的连续 streak。The Vault Report每日档案覆盖自2008年1月2日以来的每个交易日（4711个交易日），显示当前连续 streak 比之前89个交易日的纪录（2016年3-7月）长出70%以上。总库存从1月2日的509250吨降至9月11日的244100吨——仅八个多月下降265150吨（52.1%）。仅过去30天就下降了4.6%。覆盖现在估计远低于一天全球消费（剔除俄罗斯和印度金属），市场正在前所未有的稀缺 territory 中运行。

China Spot: Yangtze A00 Aluminum Holds Near RMB 23,750/t; Downstream Margin Pressure Eases

中国现货：长江A00铝维持23750元/吨附近；下游利润压力缓和

EN

Domestic spot markets remained stable through early September. Yangtze A00 aluminum averaged approximately RMB 23,750 per tonne, with limited daily volatility. Aluminum billet stocks in major markets stood at roughly 98,000 tonnes — a manageable level for the peak construction season. Downstream processors including Mingtai Aluminum and Chuangxin New Materials reported healthy H1 earnings (+49.61% and +11.25% respectively), supported by improved product mix and rising processing fees. The domestic cost structure remains favorable: alumina fully-loaded costs near RMB 2,742/t and power costs in Yunnan’s hydropower peak season keeping smelter margins wide. The principal risk to the bullish outlook is the pace of Indonesian smelter ramp-ups and whether EGA’s $400M repair program delivers Q1 2027 restart as planned.

中文

国内现货市场在9月初保持稳定。长江A00铝均价约23750元/吨，日波动有限。主要市场铝棒库存约98000吨——对旺季来说处于可控水平。下游加工企业包括明泰铝业和创新新材上半年业绩健康（分别+49.61%和+11.25%），得益于产品结构改善和加工费上涨。国内成本结构仍然有利：氧化铝完全成本约2742元/吨，云南水电主汛期电力成本使冶炼利润保持宽裕。看涨前景的主要风险是印尼冶炼厂增产节奏，以及EGA 4亿美元维修计划能否按计划于2027年一季度重启。

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