The aluminum industry experienced a robust market in the first half of 2026, with total sector profits soaring 114.84% year-on-year, contributing nearly 40% of the profits within the non-ferrous metals industry. Multiple listed aluminum companies saw their earnings double.
This profit surge was primarily driven by a widening spread between upstream and downstream prices. The price of raw material alumina fell 21.9% year-on-year, while the price of electrolytic aluminum rose 18.8%, significantly boosting margins for processing operations. Aluminum plants across Henan Province are operating at full capacity with ample order backlogs. Zhongfu Industry reported a profit of 1.88 billion yuan in the first half, a 165% increase. Mingtai Aluminum expects a net profit of 1.4 to 1.45 billion yuan, with high-end aluminum products in short supply.
The new energy vehicle and energy storage sectors are driving a surge in demand for battery aluminum foil and battery case aluminum materials, prompting companies to continuously expand their high-end product lines. Additionally, special aluminum alloys required for the low-altitude economy and robotics are opening up new growth avenues.
Leveraging China's complete industrial chain, the overseas market has become a significant growth driver. In the first half of the year, China's aluminum product exports reached 5.62 million tons, a year-on-year increase of 14.1%. Multiple leading companies are steadily increasing their export volumes, with overseas production bases operating at full capacity. Demand for packaging aluminum materials continues to expand in regions like Southeast Asia and the Middle East. Factors such as constrained overseas production capacity and price differentials between domestic and international markets are boosting exports.
Industry analysts indicate that sectors like new energy and power will provide long-term support for aluminum demand. The high-end aluminum processing segment is expected to maintain an average annual growth rate of 5% to 15% over the next several years. High-end, green, and globalized development will be the core directions for the industry.
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