China Materials: June IP Data: Aluminum Production Still Rising

研报英文原文证据摘录

China Materials: June IP Data: Aluminum Production Still Rising

Update

July 15, 2026 07:42 AM GMT

Morgan Stanley Asia Limited+MChina Materials | Asia Pacific Rachel L Zhang

Equity Analyst

June IP Data: Aluminum Rachel.Zhang@morganstanley.comHannah Yang, CFA +852 2239-1520

Hannah.Yang1@morganstanley.com +852 2239-7079

Production Still Rising Chris Jiang

Chris.Jiang@morganstanley.com +852 3963-1593

YoY production declined for cement, coal, and glass, but grew Cynthia Tang

for crude steel and aluminum. ResearchCynthia.Tang@morganstanley.comAssociate +852 3963-4360

Property – New starts fell 26.0% YoY in June (vs. -24.7% YoY in May). GFA sold

fell 16.3% YoY (vs. -14.1% YoY in May) and property completions were down 25.0%

YoY (vs. -19.6% YoY in May), all based on restated data for 2025. Our China

property team noted home sales declined further in June, after reversing the

uptrend since May, amid weaker home prices and construction activity. The property Greater China Materials

team expects the continued slowdown in secondary home sales to accelerate home Asia Pacific

Industry View Attractive

price declines in 3Q, while developers' still-prudent view on landbanking could China Coal

weigh on REI. Asia Pacific

Industry View Cautious

FAI declined 11.2% YoY in June 26 (vs. -12.5% YoY in May). Highway FAI slipped Greater China Cement

Asia Pacific

13.2% YoY. Industry View In-Line

Crude steel output rose 0.4% YoY in June (vs. -2.7% YoY in May), better than the

-3.5% YoY decline at major steel mills according to CISA. 1H26 production declined

3% YoY. We estimate domestic steel apparent consumption fell 0.1% YoY in June (vs.

-8.5% in May), supported by 7% growth in net exports.

Cement production fell 5.6% YoY in June (vs. -8.1% YoY in May). 1H26 production

declined 8% YoY.