April Aluminum Liquid Aluminum Proportion Increase Below Expectations, May Expected to Rise Slightly [SMM Analysis]

Published: Apr 30, 2026 10:37

Save

SMM April 30 News:

According to SMM statistics, China's aluminum production in April 2026 (30 days) was up 1.7% YoY and down 2.9% MoM.

As the traditional peak consumption season continued, downstream sectors such as plate/sheet, strip and foil, and aluminum wire and cable provided effective demand support. The proportion of liquid aluminum in China edged up, rising 1.7 percentage points MoM to 75.3%. Overall performance was slightly below early-month expectations, with the core drag coming from weaker-than-expected aluminum extrusion orders. Based on SMM's proportion of liquid aluminum calculation data, China's aluminum casting ingot volume in April declined 3.4% YoY and 9.0% MoM.

Capacity changes: As of month-end April, SMM statistics showed China's existing aluminum capacity at approximately 46.209 million mt, with no MoM change.

Production forecast: Entering May 2026, the proportion of liquid aluminum production among China's aluminum enterprises is expected to diverge. Overall, as demand in markets outside China recovers, export orders for China's aluminum semis are expected to continue improving, supporting a slight rebound in the proportion of liquid aluminum. Overall, the proportion of liquid aluminum is expected to rise 0.5 percentage points to 75.8%.

[Data source statement: Data other than public information is derived from public information, market communication, and SMM's internal database models, processed by SMM for reference only and does not constitute decision-making advice.]

Data source: SMM

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

20 mins ago

US Durable Goods Orders Surge 0.8% in March, Core Capital Goods Up 3.3%, Beating Expectations

US March durable goods orders data showed a 0.8% MoM increase, exceeding market expectations of 0.5%. Further, core capital goods orders excluding aircraft and defense equipment surged 3.3% MoM, far exceeding market expectations of 0.5% and marking the largest single-month gain since mid-2020.

20 mins ago

24 mins ago

Powell: Current Interest Rates Appropriate, Signals Potential Policy Shift at Next Meeting

Fed Chairman Powell noted that the current interest rate level was in a good place. He also mentioned that the number of officials supporting a shift toward a neutral monetary policy stance had increased, and even suggested that changes to the current easing bias might be considered as early as the next meeting. He emphasized that no one was calling for a rate hike, and those who disagreed with the easing stance were not leaning toward raising rates either. Powell also indicated that if there were a need to raise or cut interest rates in the future, the US Fed would signal in advance and take appropriate action. Additionally, it was necessary to monitor energy and tariff issues before considering an interest rate cut.

24 mins ago

28 mins ago

Fed Holds Rates at 3.50%-3.75% with 8:4 Vote, Most Dissents Since 1992

The US Fed announced its April interest rate decision, voting 8:4—a relatively rare outcome—to maintain the federal funds rate target range at 3.50%–3.75%, marking the third consecutive hold. Among the dissenters, Miran voted against the decision, advocating for a 0.25 percentage point interest rate cut; Hammack, Kashkari, and Logan also cast dissenting votes, supporting the current federal funds rate target range but opposing the inclusion of an easing bias in the statement. This meeting saw the most dissenting votes since October 1992. The statement retained potentially dovish language, indicating that the Fed would carefully assess the latest information when considering the extent and timing of "further" interest rate adjustments.

28 mins ago