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As of July 30, China's major consumption regions reported aluminum ingot inventory of 953,000 mt, having cumulatively destocked 512,000 mt (-35%) from the year's high of 1.465 million mt in early May. Within the week, destocking accelerated further by 53,000 mt, as expected falling below the 1 million mt mark. However, the directional divergence between warehouse withdrawals and inventory drew attention: weekly warehouse withdrawals pulled back to 127,700 mt, losing the advantage of being at a high for the same period in the past four years. The core driving force of this destocking round has shifted from "demand and warehouse withdrawal boost" in June to "supply contraction + slowdown in shipment pace": the proportion of liquid aluminum rose to 78.3% in July, with casting ingot volume down 15.1% YoY; a sharp drop in arrivals in South China pushed Foshan's premium wider by 50 yuan/mt in a single week to 115 yuan/mt; SMM believes...

[SMM Aluminum Flash] Recently, the groundbreaking ceremony for the annual 300,000 mt prebaked anode project was held at the Shuicheng Economic Development Zone in Liupanshui City. The project is jointly constructed by Sunstone Development Co., Ltd. and Guizhou Aluminum Group Co., Ltd., marking the entry of the strategic cooperation between the two parties into the construction phase and serving as a key measure for Sunstone Development to optimize its capacity layout in Southwest China.

The latest statistics from the Electric Vehicle Resource Industry Research Institute show that the overall penetration rate of new energy logistics vehicles in China climbed to 49.7% in June 2026, a record high and just one step away from the 50% threshold. Compared with the 46.1% penetration rate at the end of 2025, it rose by 3.6 percentage points in half a year. In H1 2026, the overall penetration rate reached 39.0%, which was 6.6 percentage points higher than the 2025 full-year average of 32.4%, as the industry's electrification penetration accelerates toward a tipping point.

US Q2 GDP initial estimate grew at an annualized QoQ rate of 1.5%, below Q1's 2.1% and market expectations. Consumer spending and investment both remained strong, but net exports declined, dragging down the overall data. The US core PCE price index rose 0.1% MoM in June, up 3.3% YoY, pulling back from May. The overall PCE price index fell 0.1% MoM in June, turning negative for the first time since the pandemic outbreak in 2020.

[SMM Aluminum Flash] Upstream raw materials for aluminum fluoride are showing divergent trends. Fluorite prices are firm and strengthening, further solidifying the cost floor, while aluminum hydroxide and sulphuric acid prices have pulled back slightly, only offsetting some of the cost pressure. Overall production costs in the industry remain high. Producers’ profitability is hard to restore, and their willingness to start production remains sluggish. Supported by the rigid cost floor, the industry’s low supply, and the boost to industry chain sentiment from a sharp raise in August hydrofluoric acid long-term contract prices, aluminum fluoride market prices are expected to hold up well overall in August.

[SMM Aluminum Express] The World Trade Organization released the latest data showing that global merchandise trade growth in Q1 2026 exceeded expectations. Trade in AI-related electronic components surged, offsetting the negative impact of the Middle East war in the final month of the quarter. On a seasonally adjusted basis, global merchandise trade volume in Q1 this year was up 1.9% QoQ and up 3.2% YoY. Asia's exports and imports in Q1 rose 12.9% and 14.6% YoY, respectively, driven mainly by economies such as China, Singapore, South Korea, and Thailand. North America's exports rose 7% YoY, while imports fell 10.7% YoY. The WTO expects trade data for the next quarter to more fully reflect the trade disruptions in the Strait of Hormuz.

Guangdong Diwei Metal Products Co., Ltd. proposed to construct a project with an annual capacity of 50,000 mt of aluminum extrusions and 5,000 mt of powder coatings. The project is currently in the public notice phase for proposed approval decisions. The total project investment amounts to 500 million yuan, and upon completion, its annual output will be: aluminum extrusions, 50,000 mt (all powder-coated aluminum extrusions, of which 15,000 mt will be used to produce wood grain aluminum extrusions); powder coatings, 5,000 mt (including 2,500 mt of fluorocarbon powder coatings and 2,500 mt of general powder coatings); small-scale spray-painted aluminum extrusions, 120 mt.

On July 29, NEEQ-listed company Henan Guorong Electronics Technology Co., Ltd. announced that Henan Xinxing Industry Investment Co., Ltd., under the Henan Capital Group, intends to acquire no less than 51% of its equity, aiming to establish a presence in the aluminum-based electronic new materials industry. Upon completion of the transaction, the controlling shareholder of Guorong will change to Henan Xinxing Industry Investment Co., Ltd., and its actual controller will become the State-owned Assets Supervision and Administration Commission of the Henan Provincial Government.

On July 30, Yunnan Aluminum Co., Ltd. stated on an interactive platform that, as China's largest supplier of green, low-carbon aluminum, the company relies on Yunnan Province's abundant clean energy resources to produce green aluminum. Compared to traditional coal-fired aluminum, this offers significant low-carbon advantages, aligning with the national "dual carbon" strategy and the global development trend of low-carbon industries. In the future, the company will continue to focus on its core green aluminum business, fully seizing the structural opportunities in the industry brought about by policies, and rewarding its investors through steady operational performance and excellent business results.

Recently, the aluminum-based master alloy project with an annual output of 49,000 mt, invested by Sichuan Fengyue New Material Technology Co., Ltd., officially commenced construction in Yuanjiaba Aluminum Industrial Park, Guangyuan Economic and Technological Development Zone. The project has a total investment of 50 million yuan, covers an area of about 24 mu, and will install a 15 mt aluminum melting furnace, a 30 mt aluminum melting furnace, an MJMFX120T fully automatic rotary powder forming press, a 1t power frequency furnace, and other auxiliary equipment. The construction period is from July 2026 to December 2026, lasting 6 months. Upon completion, the project will further improve the aluminum industry chain in the park and support the high-quality development of the aluminum industry in Guangyuan. It was reported that on July 26, Vietnam's first domestically produced aluminum ingot products were officially launched at the Nhon Trach Industrial Park in Lam Dong Province, marking a historic breakthrough for the country’s aluminum smelting industry. This completes the entire industry chain layout encompassing bauxite mining, alumina processing, and aluminum production, laying a solid foundation for enhancing the country's industrial self-sufficiency and advancing the development of high-value-added manufacturing.