铝周报（1.4 - 1.10）：政策、供需与价格的多维变奏曲

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

铝周报（1.4 - 1.10）：政策、供需与价格的多维变奏曲

2025-01-15 10:12:49 来源：北方有色网责任编辑：管理员

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一、政策风向

近期，铝行业政策动态频出。广西大力推动铝项目投产，一系列扶持措施落地，有望为当地铝产能扩张注入强劲动力，从供应端改变市场格局；进口再生铝关税迎来调整，这直接影响着再生铝的进口成本，进而重塑再生铝在国内市场的竞争态势；上期所交割手续费优惠政策实施，降低了交易成本，提升市场活跃度，吸引更多参与者投身铝期货交易，为铝价稳定与行业资金流入创造有利条件。

二、价格走势

本周，铝锭现货价格整体呈现先扬后抑走势，前期受宏观经济预期向好带动，下游备货积极性提升，价格小幅攀升；而后随着供应端压力显现，价格有所回调。废铝价格则紧密跟随铝锭波动，因其作为铝原料的重要补充，与原生铝市场联动性增强。沪铝、伦铝期货价格亦跌宕起伏，国际市场地缘政治、能源价格波动冲击伦铝，国内宏观政策、库存变动则在沪铝走势上留下深刻烙印，综合来看，短期内铝价仍将在多空博弈下震荡寻底。

三、库存动态

在库存层面，本周铝锭库存出现小幅累库现象，主要源于部分地区运输受阻，到货延迟叠加下游消费淡季，去库速度放缓；铝棒库存增减不一，华东地区因下游加工企业开工率下滑，库存有所增加，而华南地区凭借出口订单支撑，库存维持相对稳定。库存的区域分化与整体变动，为市场供需关系判断提供关键线索，影响着短期价格走势与企业出货策略。

四、供需格局

供给端，电解铝产能持续爬坡，新投产能逐步释放，产量稳中有升；需求端却略显疲态，建筑领域受冬季施工放缓影响，铝型材需求低迷，汽车行业虽新能源板块表现亮眼，但传统燃油车减产拖累整体用铝量，综合各领域开工率，需求增长乏力，供需失衡压力隐现，促使行业加速结构调整步伐。

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铝周报（1.4 - 1.10）：政策、供需与价格的多维变奏曲

一、政策风向

二、价格走势

三、库存动态

四、供需格局

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