China Materials: 2026 On-Ground Demand Monitor Series #101 - Aluminum Inventory and Consumption

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20 Aug 2026 08:36:18 ET │ 10 pages

China Materials

2026 On-Ground Demand Monitor Series #101 - Aluminum Inventory

and Consumption

CITI'S TAKE

In this series of notes, we aim to track and analyze high-frequency onground demand trends in China. In this note, we enclose weekly data

from Mysteel, a consultant, on China aluminum ingot and billet

production, inventory, and apparent consumption data during the week

of 13th Aug to 19th Aug 2026. Latest Sector pecking

order: Lithium > Gold > Copper > Aluminum > Battery > Coal > Steel >

Cement.

Production – According to Mysteel, from 13th Aug to 19th Aug, China total aluminum

production was 873kt, flat WoW, +3% YoY, and +4% YoY on the lunar calendar, and

aluminum billet production was 352kt, +1% WoW, +1% YoY and +4% YoY on the

lunar calendar. The calendar year YTD China aluminum production was 29.4mnt,

+3.0% YoY, and aluminum billet production was 11.2mnt, -2.3% YoY.

Jack Shang, CFAAC

Anna Wang

Jimmy Feng

Cynthia Wu

Inventory – According to Mysteel, China aluminum ingot + billet total inventory

stood at 1,157kt on 20th Aug, -3% WoW, +31% YoY, and +31% YoY on lunar calendar,

of which total social/producers’ inventory stood at 999/159kt, -3%/-3% WoW,

+33%/-5% YoY, and +42%/-21% YoY on lunar calendar. For aluminum ingot, total

inventory was 911kt on 20th Aug, -4% WoW, +39% YoY, and +47% YoY on lunar

calendar. For aluminum billet, total inventory was 246kt on 20th Aug, +3% WoW,

+8% YoY, and -6% YoY on lunar calendar.

Apparent consumption – Based on our calculations, during the week 13th Aug to 19th

Aug 2026, China overall aluminum apparent consumption was 914kt, +1% WoW,

+2% YoY, and +10% YoY on lunar calendar. China aluminum ingot/billet apparent

consumption was 942kt/325kt, respectively, -1%/+7% WoW, +6%/-6% YoY, and

+11%/flat YoY on lunar calendar. The calendar year YTD China overall aluminum

apparent consumption was 30.0mnt, +2.1% YoY, and China aluminum ingot/billet

apparent consumption was +2.2%/-2.9% YoY.

Takeaways – We believe the aluminum ingot + billet inventory data is more

representative to calculate overall aluminum demand as it includes the change in

more types of aluminum inventory.…