Key Highlights:
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The September peak season effect is beginning to show momentum with positive recovery trends across multiple downstream sectors.
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In China, Aluminium ingot inventory in key consumption areas dropped slightly to ***,*** mt by September **, showcasing a rise in demand.
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In Japan, demand for aluminium ingots is rising, supported by growth in the construction and solar power sectors.聽
In China, the macroeconomic backdrop continues to lend support, while fundamentals show only slight improvement. Passenger vehicle retail sales reached an estimated *.*** million units in August, up *.** year-on-year and *.** month-on-month indicating modest downstream momentum. The share of liquid aluminium usage has grown, leading to a decline in casting ingot production. However, aluminium ingot inventories have yet to show a decisive turning point, as real demand remains subdued. Downstream manufacturers face constrained cost flexibility, though expectations for interest rate cuts and the approaching seasonal peak continue to provide...
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