[SMM Aluminium Analysis]Domestic Aluminum Production Rises 2.1% YoY, Liquid Aluminum Proportion to Rebound in March 2026

Published: Feb 28, 2026 17:04

Save

SMM February 28 News:
According to SMM statistics, domestic aluminum production in February 2026 (28 days) increased 2.1% YoY but decreased 8.9% MoM.
Affected by the Chinese New Year holiday, the overall operating rate of downstream industries was low during the month, and the proportion of liquid aluminum also saw a significant pullback, dropping 7.7 percentage points MoM to 64.4%, in line with expectations at the beginning of the month. The main reasons were that demand had not yet recovered amid the off-season, coupled with production halts for the holiday at some downstream enterprises. Based on SMM's proportion of liquid aluminum data, domestic aluminum casting ingot volume in February increased 25.8% YoY and 16.2% MoM.
Capacity Changes: As of the end of February, SMM statistics show domestic existing aluminum capacity was approximately 46.209 million mt, and domestic operating aluminum capacity was approximately 45.109 million mt.
Production Forecast: Entering March 2026, with the return of calendar days, aluminum production is expected to rebound MoM. Regarding the proportion of liquid aluminum, as downstream enterprises resume work after the holiday, raw material demand is gradually strengthening. The proportion of liquid aluminum is expected to rise significantly. Overall, the proportion of liquid aluminum is projected to increase 9.2 percentage points to 73.5%.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

13 mins ago

Aluminum Rod Inventory Surges, Processing Fees Stable Amid Post-Holiday Demand Recovery [SMM Analysis]

According to SMM, as of February 27, 2026, the days of inventories for domestic aluminum rod plants were recorded at 12.7 days, an increase of 8.6 days from before the holiday.In the first week after the holiday, the weekly operating rate of the domestic aluminum wire and cable industry rebounded to 57%, up 4 percentage points MoM, significantly higher than the pre-holiday low of 53%.

13 mins ago

28 mins ago

Post-holiday Aluminum Ingot Inventory Under Pressure, Backlog to Continue Until Month-end [SMM Analysis]

After the Chinese New Year holiday, the domestic aluminum market entered the traditional resumption cycle, but the problem of aluminum ingot inventory buildup became prominent. Warehouses in major consumption areas faced comprehensive capacity constraints, and congestion at railway stations was widespread. Overall inventory pressure is expected to persist until the end of March...

28 mins ago

38 mins ago

Iran's Aluminum Industry Overview

38 mins ago