Weekly Industry Intelligence

每周行业情报

Week 39 Aluminum Industry Hotspots

第39周铝型材行业热点清单

September 21 – September 27, 2026

LME Aluminum Rises to $3,281.50/t on Sep 25; Up 23.71% YoY; TE Forecasts $3,532 in 12 Months

LME铝价9月25日升至3281.50美元/吨；同比涨23.71%；预测12个月后3532美元

EN

LME aluminum traded at $3,265.85/t on September 21, then climbed to $3,281.50/t by September 25 — a 0.78% daily gain and a 1.76% monthly rise. The year-on-year increase stands at 23.71%. Trading Economics forecasts the price to reach $3,303.51/t by quarter-end and $3,531.87/t in 12 months. The aluminum market remains supported by persistent inventory tightness (LME stocks near 244,000 tonnes, a 36-year low) and robust demand from the automotive and construction sectors. Historically, aluminum reached an all-time high of $4,103/t in March 2022; current levels are still 20% below that peak, leaving room for further upside if supply constraints deepen.

中文

LME铝价9月21日交易于3265.85美元/吨，9月25日升至3281.50美元/吨——日涨0.78%，月度涨幅1.76%。同比上涨23.71%。Trading Economics预测价格季度末将达3303.51美元/吨，12个月后3531.87美元/吨。铝市场继续受库存持续紧张（LME库存约244000吨，36年低点）以及汽车和建筑领域强劲需求支撑。历史上铝在2022年3月创下4103美元/吨的历史高点；当前水平仍较该峰值低20%，若供应约束加深仍有进一步上行空间。

Yantai Port Sets World Record: 320,000 Tonnes of Guinean Bauxite Unloaded in Single Vessel

烟台港刷新全球铝土矿单船接卸量纪录：32万吨

EN

On September 21, 2026, the mega ore carrier Wei Li Xiong Xin, fully loaded with Guinean bauxite, completed its maiden unloading operation at Yantai Port in Shandong — unloading a total of 320,000 tonnes of bauxite, setting a new world record for single-vessel bauxite discharge. The vessel is a next-generation 325,000 DWT very large ore carrier purpose-built for transoceanic transport of bauxite and iron ore from West Africa to China. Yantai Port is the world’s largest bauxite import port. Since 2014, it has partnered with multiple parties to form the "Winning Alliance," constructing an end-to-end China-Africa bauxite logistics chain. In the first eight months of 2026, Yantai Port imported over 40 million tonnes of African bauxite, up 24% year-on-year.

中文

2026年9月21日，满载几内亚铝土矿的超大型矿砂船"韦立雄心"轮在山东烟台港完成国内首次卸船作业，共计通关接卸铝土矿32万吨，刷新全球铝土矿单船接卸量纪录。该轮为新一代32.5万载重吨超大型矿砂船，专门为西非至中国铝土矿、铁矿跨洋运输量身打造。烟台港是全球铝土矿进口第一港。自2014年起，烟台港联合多方组建"赢联盟"，构建中非铝土矿全程物流链。2026年前8个月，烟台港进口非洲铝土矿超4000万吨，同比增长24%。

Guinea Seeks US Financing for CBG Alumina Refinery; China Was Sole Backer

几内亚寻求美国为CBG氧化铝精炼厂融资；此前中国为唯一支持者

EN

On September 21, Guinea’s Ministry of Mines announced that Guinean officials had held talks with the US International Development Finance Corporation (DFC) and the US Export-Import Bank regarding financing for the Compagnie des Bauxites de Guinée (CBG) planned alumina refinery project. The discussions add the potential for US financing to Guinea’s strategy to expand domestic bauxite processing capacity. Previously, Chinese capital had been the sole major backer of this strategy. The move reflects a broader geopolitical competition for critical mineral supply chains in Africa, as Western nations seek to reduce dependence on Chinese-controlled upstream assets.

中文

9月21日，几内亚矿业部表示，几内亚官员近日与美国国际开发金融公司（DFC）和美国进出口银行就几内亚铝土矿公司（CBG）计划建设的精炼厂项目举行了会谈。此次会谈为几内亚扩大其国内铝土矿加工能力的战略增加了美国融资的潜在可能。此前，中国资本一直是该战略的主要支持力量。此举反映出西方 nations 寻求减少对中国控制的上游资产依赖，在非洲关键矿产供应链上的更广泛地缘政治竞争。

Jiaozuo Wanfang Terminates RMB 31.9B Sanmenxia Deal; Alumina at Marginal Cost

焦作万方终止319亿元三门峡收购；氧化铝逼近边际成本

EN

On September 22, Jiaozuo Wanfang (000612.SZ) detailed the termination of its RMB 31.9 billion acquisition of Cayman Aluminum (Sanmenxia), citing volatile alumina prices and regulatory challenges. Shanghai Steel & Aluminum analyst Lu Junjie noted that as of September 21, alumina futures closed at RMB 2,718/tonne — near the industry’s marginal cash-flow cost. Domestic alumina overcapacity persists and export windows remain closed. Any future ore policy adjustments or large-scale production cuts could trigger a price rebound. The analyst warned that as China’s electrolytic aluminum capacity ceiling approaches, the alumina sector faces a capacity shakeout. Unresolved Guinea bauxite policy risks could further squeeze alumina margins.

中文

9月22日，焦作万方（000612.SZ）详解终止319亿元收购开曼铝业（三门峡）， citing 氧化铝价格波动和监管挑战。上海钢联分析师陆俊杰表示，截至9月21日氧化铝主连收盘报2718元/吨——已逼近行业边际现金流成本。国内产能过剩局面延续，出口窗口未打开。后续若出现矿石政策调整或氧化铝企业大规模减产，可能带动价格反弹。分析师警告，随着中国电解铝产能天花板逐步临近，氧化铝行业将面临产能出清。尚未落地的几内亚铝土矿政策会进一步压缩氧化铝盈利空间。

Heeney Capital Ships First Venezuela Aluminum to US in 8 Years; White House-Backed

Heeney Capital完成8年来首批委内瑞拉铝对美出口；白宫支持

EN

On September 18, Heeney Capital announced that an initial shipment of 15,000 tonnes of primary aluminum had departed Venezuela for the United States — the first primary aluminum to move from Venezuela to the US in eight years. The transaction is part of an existing offtake agreement with Heeney Capital, Mercuria Energy Group, and the Venezuelan government, and supports a broader White House-backed effort to invest in and revitalize Venezuela’s energy and mining sectors. Henry Heeney, Co-Founder, stated: "This shipment demonstrates that Venezuela’s mining and energy sectors are a reliable partner to US industry." The move adds a new, non-traditional supply source to the US aluminum market at a time of elevated tariff tensions with traditional suppliers.

中文

9月18日，Heeney Capital宣布首批1.5万吨原铝已从委内瑞拉运往美国——这是8年来委内瑞拉对美首次出口原铝。该交易是Heeney Capital、Mercuria能源集团和委内瑞拉政府现有承购协议的一部分，支持白宫支持的更广泛努力，即投资和振兴委内瑞拉的能源和矿业部门。联合创始人Henry Heeney表示："此次 shipment 证明委内瑞拉的矿业和能源部门是美国工业的可靠伙伴。"此举在与传统供应商关税紧张之际，为美国铝市场增加了一个新的非传统供应来源。

Canada Raises Retaliatory Tariffs on US Steel and Aluminum Effective September 8

加拿大9月8日起提高对美国钢铝报复性关税

EN

Canada announced retaliatory tariffs on US steel and aluminum products effective September 8, 2026, raising existing rates and adding new categories. The new tariffs cover seafood, wood and paper products, furniture, apparel, tools, construction vehicles, home appliances, and motorcycles. President Trump had originally ordered 50% Section 338 tariffs on $20 billion of imports from Canada on July 20, which took effect August 22 after negotiations broke down. Trump has further threatened to raise Section 232 tariffs on Canadian vehicles, automotive parts, and steel to 50% on January 1, 2027. The escalating trans-Pacific tariff war is reshaping North American aluminum trade flows and accelerating supply-chain regionalization.

中文

加拿大宣布9月8日起提高对美国钢铝产品的报复性关税，提高现有税率并新增品类。新关税涵盖海鲜、木材和纸制品、家具、服装、工具、建筑车辆、家电和摩托车。特朗普总统最初于7月20日下令对200亿美元加拿大进口商品征收50%的338条款关税，谈判破裂后于8月22日生效。特朗普进一步威胁在2027年1月1日将对加拿大车辆、汽车零部件和钢的232条款关税提高至50%。不断升级的跨太平洋关税战正在重塑北美铝贸易流向并加速供应链区域化。

UN Launches Critical Mineral Value Chain Program for 6 Countries Including Indonesia, Guinea

联合国启动六国关键矿产价值链计划；印尼、几内亚入选

EN

UN Secretary-General António Guterres announced on September 24 that the United Nations has selected six countries — Indonesia, Zambia, Guinea, Zimbabwe, Madagascar, and Nigeria — to receive support in extracting more value from critical minerals essential to the global energy transition. The program aims to help these resource-rich nations move beyond raw material exports and develop downstream processing capabilities. For Guinea, this aligns with its strategy to expand domestic alumina refining capacity (as evidenced by the CBG refinery financing talks with the US DFC). For Indonesia, it complements the country’s expanding aluminum smelter build-out. The UN initiative could accelerate the development of local beneficiation industries across Africa and Southeast Asia.

中文

联合国秘书长安东尼奥·古特雷斯9月24日宣布，联合国已选定印度尼西亚、赞比亚、几内亚、津巴布韦、马达加斯加和尼日利亚六个国家，为其提供支持，帮助这些国家从对全球能源转型至关重要的关键矿产中获取更多价值。该计划旨在帮助这些资源丰富的国家超越原材料出口，发展下游加工能力。对几内亚而言，这与其扩大国内氧化铝精炼产能的战略一致（正如CBG精炼厂与美国DFC融资谈判所体现）。对印尼而言，这 complement 了该国扩建铝冶炼厂的努力。联合国倡议可能加速非洲和东南亚本地选矿产业的发展。

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