Primary aluminium inventories dropped 155,000 mt on week

According to data from the General Administration of Customs, unwrought aluminum and aluminum semis exports reached 656,000 mt in September 2026, up 4.8% MoM from 626,000 mt in August (an increase of 30,000 mt) and up 25.9% YoY from 521,000 mt in September 2025, marking the highest monthly export level in the past three months. Cumulative exports in the first nine months totaled 5.32 million mt, up 17.8% YoY from 4.516 million mt in the same period last year.

The head of Ukraine's State Property Fund said that the privatization auction of the Mykolaiv Alumina Plant is expected to take place in Q1 2027, with the specific auction date subject to government approval and to be announced by the end of October 2026. The privatization involves a batch of sanctioned assets, including the plant, service and accounting centers, a security company, vehicles, and bauxite and alumina inventories, with the relevant assets to be valued separately. The indicative starting price announced in June 2026 was 6.3 billion Ukrainian hryvnia ($140 million).

[High US dollar suppresses nonferrous metals valuations, SHFE aluminum consolidates at lows with moving averages under pressure] Macro dimension, the US dollar remains elevated, and expectations for US Fed interest rate hikes within the year persist, continuing to weigh on valuations across the nonferrous metals sector. Industry dimension, the improvement in actual demand during China's traditional peak season has not fully met prior expectations, and downstream purchasing has turned more cautious in the high-price environment, weakening price support. China's aluminum ingot social inventory has resumed destocking, providing some price support. Overall, bullish and bearish factors are intertwined for aluminum prices in the short term, and prices are expected to consolidate on a subdued note within a range in the near term.