According to a recent report by Shanghai Metals Market (SMM), as the industry enters seasonal off-peak, the proportion of liquid aluminium is expected to drop in December; yet, supply remains constrained due to drawdowns and cautious production trends. Metal News
Summary:
According to SMM statistics, domestic aluminum production in November 2025 (30 days) increased 1.47% YoY, but decreased 2.82% MoM. Starting in November, aluminum gradually transitioned from peak consumption season to off-season, downstream operating rates showed a downward trend, and the proportion of liquid aluminum declined. The industry’s proportion of liquid aluminum fell 0.5 percentage points MoM to 77.3%, a smaller drop than expected at the start of the month. Main reasons: 1) Production capacity of supporting processing plants near some aluminum smelters increased further, raising the proportion of liquid aluminum; 2) In the second half of November, aluminum prices retreated from highs, aluminum billet processing fees strengthened, and billet plants showed good willingness to produce. Based on SMM’s proportion of liquid aluminum data, domestic aluminum casting ingot volume in November decreased 13.4% YoY and decreased 0.78% MoM to around 828,000 mt.
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