China's Secondary Aluminum Ingot Inventory Rises 212 MT, Foshan and Ningbo See Increases

[Aluminum ingot inventory continues to destock underpinning prices, while domestic demand weakness curbs aluminum price rise] Comprehensive judgment: macro sentiment fluctuates, the Middle East situation enters a "neither war nor peace" state, frequently disturbing aluminum prices in China and overseas; on the fundamentals side, the destocking trend of domestic aluminum ingot inventory continues, providing bottom support for aluminum prices; but overseas, driven by new investment and resumed production capacity, the daily average aluminum output is expected to continue to rebound; the SHFE/LME price ratio is repairing, and as orders on hand are digested, export demand is expected to gradually weaken; in addition, domestic terminal end-user demand is generally mediocre, the switching period between low and peak seasons is not yet clear, and the market has certain concerns about demand in the peak season; in the short term, aluminum prices are expected to continue to consolidate on a subdued note.

Preliminary IAI data showed Gulf primary aluminum production fell to 10,989 mt/day in April 2026, down 26.7% from March and nearly 40% below the pre-conflict level of around 17,800 mt/day. Disruptions to commercial shipping through the Strait of Hormuz have constrained raw material supplies and delayed aluminum exports. The Gulf accounts for around 8% of global primary aluminum production but supplies about 19% of EU, 28% of Japanese and 21% of US primary aluminum imports. Tightening supply has pushed LME aluminum to a four-year high, while US Midwest and European premiums have also strengthened.

India’s National Aluminium Company (NALCO) has inaugurated a 50 kg/day fly ash processing pilot plant at its Research & Technology Centre in Bhubaneswar. Based on jointly patented technology developed by NALCO and CSIR-IMMT, the facility can recover alumina and iron hydroxide residue enriched with rare earth elements (REE), including scandium. NALCO also held a ground-breaking ceremony for a red mud valorisation pilot plant aimed at recovering ferro-titanium alloy, metallic iron and REEs, supporting greater resource recovery from aluminium industry residues.