Recovering consumption extends declines in primary aluminium stocks

Tianshan Aluminum (002532) released its performance forecast on March 29, projecting a net profit attributable to shareholders of 2.2 billion yuan for the first quarter of 2026, representing a year-on-year increase of 107.92%. The main reasons for the company's performance growth are: the partial commissioning of capacity from the 1.4 million-ton electrolytic aluminum green and low-carbon energy efficiency improvement project, resulting in a year-on-year increase of approximately 10% in electrolytic aluminum production and sales; simultaneously, the sales price of electrolytic aluminum products increased by approximately 17% year-on-year, while production costs were effectively controlled and decreased year-on-year, resulting in a synergistic effect of increased volume and price.

Yunnan Aluminium Co., Ltd. released its 2025 annual report. During the reporting period, the company achieved operating revenue of RMB 60.043 billion, a year-on-year increase of 10.27%. Net profit attributable to shareholders of the listed company was RMB 6.055 billion, a year-on-year increase of 37.24%. During the reporting period, the company produced 1.3036 million tons of alumina and 3.2259 million tons of aluminum products, a year-on-year increase of 6.47%.

[SMM Newsflash] SHFE data showed that as of March 30, the total registered volume of cast aluminum alloy warrants was 35,207 mt, a decrease of 1,477 mt from the previous trading day. Among them, the total registered volume in Shanghai was 2,152 mt, down 120 mt from the previous trading day; Guangdong was 14,961 mt, down 787 mt; Jiangsu was 2,946 mt, down 120 mt; Zhejiang was 10,277 mt, down 450 mt; Chongqing was 3,634 mt, an increase of 0 mt; Sichuan was 1,237 mt, an increase of 0 mt.