Inventory changes of aluminium ingots and billets around the 2026 National Day

 

According to SMM statistics, changes in aluminium ingot and aluminium billet (collectively referred to as aluminium inventory) inventories in major consumption areas in China around the National Day holiday, 2020-2026: overall destocking before the holiday, with the most concentrated inventory buildup during the holiday. During the one-week National Day holiday from 2020 to 2025, aluminium ingots, aluminium billets, and total aluminium inventory all saw inventory buildup (aluminium ingots up 4.0 per cent -17.3 per cent, aluminium billets up 12.7 per cent -66.0 per cent, total aluminium inventory up 6.9 per cent -21.2 per cent ). In the second week after the holiday, aluminium ingots did not see further inventory buildup except in 2021, while aluminium billets destocked in all six years. In 2026, before the holiday, aluminium ingots destocked sharply for three consecutive weeks, down 63,000 tonnes on September 17, down 55,000 tonnes on September 24, and down 55,000 tonnes on September 30, with a cumulative destocking of 158,000 tonnes over the three weeks, the steepest for the same period in recent years.

In 2026, before the holiday, aluminium ingot saw substantial destocking for three consecutive weeks, decreasing by 63,000 tonnes (-7.9 per cent ) on September 17, 55,000 tonnes (-7.5 per cent ) on September 24, and 40,000 tonnes on September 30 compared with September 24, with a cumulative destocking of 158,000 tonnes over three weeks, the steepest for the same period in recent years; aluminium billet saw slight destocking in the first two weeks, decreasing by 500 tonnes and 3,500 tonnes respectively, and shifted to a slight increase of 500 tonnes in the third week. On September 10, total aluminium inventory was 949,000 tonnes (aluminium ingot 796,000 tonnes, aluminium billet 153,000 tonnes), the highest for the same period since 2020; by September 30, total aluminium inventory fell to 787,500 tonnes (aluminium ingot 638,000 tonnes, aluminium billet 149,500 tonnes).

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