SMM February 12:
According to an SMM survey of 19 aluminum plate/sheet, strip and foil enterprises (with a combined annual capacity of approximately 6.22 million mt), the industry demonstrated strong production resilience during the 2026 Chinese New Year holiday, with the overall impact of the holiday falling to a record low. Leveraging mature holiday production support systems and sufficient raw material stockpiling, leading enterprises maintained largely continuous production line operations. Only a small number of small and medium-sized enterprises, constrained by limited order volumes, arranged short breaks of 2–4 days, which had a minimal impact on overall industry supply. In terms of logistics, transport capacity dropped sharply before the holiday. Most enterprises ensured urgent order deliveries through measures such as advance inventory reduction and self-arranged logistics. Truck transport is expected to gradually resume after the eighth day of the lunar new year.
Looking ahead after the holiday, with the traditional peak consumption season of "Golden March, Silver April" approaching, coupled with the export rush window period driven by adjustments in battery export tax rebate policies, orders previously suppressed by high aluminum prices are expected to be released intensively. Currently, sample enterprises generally have robust orders on hand, with relatively ample finished product inventories and raw material stockpiling, laying the foundation for a rapid post-holiday production ramp-up. The industry's operating rate is projected to rebound steadily in late February.
