2025 年 3 月 28 日铝棒日报：加工费冲高回落市场交投持续低迷

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镁
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 APT(仲钨酸铵)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硒
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硅

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镁

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 APT(仲钨酸铵)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硒

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硅

2025 年 3 月 28 日铝棒日报：加工费冲高回落市场交投持续低迷

2025-03-28 16:37:30 来源：北方有色网责任编辑：管理员

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一、库存延续去化增速有所放缓

国内铝棒库存延续去化趋势，但节奏较前期有所放缓。截至 3 月 28 日，广东、无锡两地铝棒库存合计 20.73 万吨，较前一日减少 0.18 万吨。其中，广东地区库存 16.10 万吨，无锡地区 4.63 万吨。尽管去库持续，但下游需求复苏力度不足，导致库存降幅有限，市场对传统旺季消费预期的兑现仍存疑虑。

二、加工费冲高回落市场成交低迷

受铝价波动影响，国内铝棒加工费呈现冲高回落态势。佛山、无锡、南昌等地加工费早盘尝试上调，但终端采购意愿低迷，实际成交清淡。贸易商为促出货，午后部分规格加工费出现二次下调，市场观望情绪浓厚。下游企业普遍采取按需采购策略，对高价资源接受度较低，整体成交进度缓慢，仅少数低价资源达成零星交易。

三、供需双增格局显现成本端压力传导

供应端方面，国内电解铝运行产能受限于政策天花板，增量空间有限，主要以置换产能为主。需求端呈现结构性分化：工业型材、新能源汽车等领域需求表现稳健，而建筑型材、铝线缆等传统板块复苏乏力。成本端，氧化铝现货价格持续走弱，叠加能源价格波动，冶炼利润有所承压，但整体仍处于高位。

四、后市展望：短期震荡调整关注需求兑现

短期内，铝价受库存去化不及预期及成本支撑减弱影响，或延续弱势震荡。加工费将围绕成本线波动，企业需加强库存管理与成本控制。随着 4 月传统消费旺季临近，终端需求的实际复苏情况成为关键变量。若需求兑现不及预期，市场或面临供过于求压力；反之，若需求超预期回暖，铝价及加工费有望迎来阶段性修复。行业参与者需密切关注库存变化、政策动向及下游开工数据，灵活调整经营策略。

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2025 年 3 月 28 日铝棒日报：加工费冲高回落 市场交投持续低迷

一、库存延续去化 增速有所放缓

二、加工费冲高回落 市场成交低迷

三、供需双增格局显现 成本端压力传导

四、后市展望：短期震荡调整 关注需求兑现

有色金属报告推荐

2025 年 3 月 28 日铝棒日报：加工费冲高回落市场交投持续低迷

一、库存延续去化增速有所放缓

二、加工费冲高回落市场成交低迷

三、供需双增格局显现成本端压力传导

四、后市展望：短期震荡调整关注需求兑现