Changes in aluminium ingot and billet inventory before and after National Day, 2020-2026

According to SMM statistics, changes in aluminium ingot and aluminium billet (collectively referred to as aluminium inventory) inventories at major consumption areas in China around the National Day holiday from 2020 to 2026 show overall destocking before the holiday, with the most concentrated inventory buildup during the holiday, followed by a pullback after the holiday.

During the one-week National Day holiday period (September 30 to October 8) from 2020 to 2025, aluminium ingot, aluminium billet, and total aluminium inventories all accumulated, with aluminium ingot increases of 4-17.3 per cent, aluminium billet increases of 12.7-66 per cent, and total aluminium inventory increases of 6.9-21.2 per cent, with the aluminium billet buildup significantly larger than that of aluminium ingots. In the second week after the holiday (October 22), aluminium ingots did not build up again except in 2021, while aluminium billets shifted to destocking in all six years.

In 2026, before the holiday, aluminium ingots saw significant destocking for two consecutive weeks, decreasing by 63,000 tonnes (-7.9 per cent) on September 17 and 55,000 tonnes (-7.5 per cent) on September 24, with a cumulative two-week destocking of 118,000 tonnes, the steepest for the same period in recent years.

Aluminium billet destocking also accelerated, with decreases of 500 tonnes and 3,500 tonnes over the two weeks, respectively. On September 10, total aluminium inventory stood at 949,000 tonnes (796,000 tonnes of aluminium ingots and 153,000 tonnes of aluminium billets), the highest for the same period since 2020.

Note: This article has been issued by SMM and has been published by AL Circle with its original information without any modifications or edits to the core subject/data.