Panorama of Aluminium Inventory During the Double Holiday: Mild Overall Buildup with Significant Regional Divergence
Following the 8-day Double Holiday, SMM monitored changes in China's aluminium ingot and aluminium billet inventories before and after the National Day holiday. In 2025, domestic aluminium ingot inventory increased by a total of 57,000 per tonne, up 9.6per cent, while aluminium billet inventory rose by 24,000 per tonne, up 20.9 per cent.
Combined aluminium ingot and billet inventories accumulated by 81,000 per tonne, an increase of 11.5 per cent. The inventory buildup generally aligned with pre-holiday expectations, with no surprises. In early October, the domestic aluminium industry chain inventory exhibited the core characteristics of "controllable total volume and regional divergence," as detailed below:
Aluminium Ingot Inventory: Holiday Inventory Buildup Falls at the Lower End of Expectations
Following the extended holiday, SMM statistics show that aluminium inventory in mainstream consumption areas in China reached 649,000 per tonne on October 9, increasing by 57,000 per tonne compared to pre-holiday levels (September 29). On a y-o-y basis, inventory decreased by 28,000 per tonne compared to the same period last year but increased by 23,000 per tonne compared to the same period in 2023.
