基础金属	铜电解铜铜精矿铜管铜棒废铜铜排铜合金精铜杆再生铜杆铜板带铝铝土矿氧化铝电解铝铝辅料铝棒铝合金锭废铝铝杆铝型材铝板卷铅铅精矿铅锭铅蓄电池再生精铅还原铅废铅蓄电池铅合金锌锌精矿电解锌锌合金氧化锌锌粉锡锡精矿锡锭锡材
稀有金属	稀土稀土矿稀土氧化物稀土金属钕铁硼稀散金属锑铋铟锗镓硒钽锆贵金属白银钨钨精矿钨粉碳化钨钨酸钠钨条钨铁钨材钼钼精矿工业氧化钼钼铁钼化工高纯三氧化钼钼金属钛钛精矿钛渣四氯化钛海绵钛钛金属钛白粉
新能源	锂锂矿锂化合物金属锂镍镍矿镍铁精炼镍镍盐高冰镍 MHP 钴电解钴钴粉氯化钴四氧化三钴硫酸钴钴中间品氧化钴碳酸钴钴酸锂锰锰矿电解锰电池级硫酸锰锂电正负极三元前驱体磷酸铁正极材料石油焦针状焦包覆沥青人造石墨硅碳负极硅氧负极电解液隔膜隔膜电解液电芯

南山铝业印尼布局：千亿铝业版图的战略落子与风险博弈

2025-06-11 09:31:17 来源：北方有色网责任编辑：王欣悦

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南山铝业投资18.68亿元在印尼建设年产20万吨烧碱及16.5万吨环氧氯丙烷项目，极具战略眼光。烧碱项目优先供应宾坦工业园氧化铝企业，剩余销往印尼市场，凭借“化工+氧化铝”一体化模式，构建闭环供应链；环氧氯丙烷项目采用甘油法工艺，契合印尼环保政策，还因原料本地化、规避关税等优势形成竞争力。双产品分别辐射印尼本土、东南亚及东北亚市场，不仅能缓解氧化铝原料依赖，还能提升高毛利产品占比，推动企业向多元布局转型，叠加宾坦经济特区20年免税政策，盈利空间可观。

不过，该项目也面临诸多风险挑战。印尼矿业与环保政策波动大，中资同行或自建产能挤压市场，当地基建薄弱、技术工人短缺影响投产，且大额投资与扩建项目带来的资本开支，也让现金流平衡承压。

总体而言，此项目是南山“出海”战略升级，通过技术、区域、产业链三重卡位，有望构建低碳铝竞争基础，成为“一带一路”产能合作标杆。但要实现预期目标，需突破政策、竞争、运营瓶颈，精细化管理能力将成为项目成败的核心要素。

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