铝周报（11.9 - 11.15）：政策、供需与价格的新局与展望

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（11.9 - 11.15）：政策、供需与价格的新局与展望

2025-01-15 10:30:49 来源：北方有色网责任编辑：管理员

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一、政策聚焦

本周铝行业政策较平稳，无重大全局政策。局部地区因能耗双控微调铝企用电配额，部分能效优企业获少量增量配额，稳产能、撑供应；行业协会倡导规范再生铝行业，推标准制定，提再生铝品质，助产业结构优化。

二、价格脉搏

铝锭价格分化，现货震荡下行，前期下游备货后需求空窗，交投淡、出货难，价走低；期货沪铝主力合约小涨，因国际铝土矿供应预期紧，引资金推高。废铝价随铝锭现货，受原生铝需求弱影响，回收商出货难、价承压，优质废铝因稀缺稍具韧性。

三、库存洞察

铝锭由降库转累库，北方供暖季铝企减产、运输受限、到货少，下游低温施工停、需求降，致库存增；南方气候温和，加工厂开工，库存波小。铝棒库存华东下滑，当地企业赶出口订单采购多；华南新增订单少，库存略升。

四、供需拼图

供给端受制约，北方产能受限、产量增速缓，南方新项目推进有增长动力。需求端，建筑装饰淡季订单锐减拖后腿；电子电器芯片缓解、产能回升带铝量微增，新能源汽车高景气需求旺，但难改整体疲弱，供需失衡短期难过。

五、后市瞭望

下周，政策显效，能耗管控下产能结构或优化，供应趋合理；冬季建筑行业难好，新兴产业有潜力，企业若加大研发拓展应用，有望暖需求。铝价将在供需、政策博弈下寻平衡，参与者提前布局抓机遇。

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铝周报（11.9 - 11.15）：政策、供需与价格的新局与展望

一、政策聚焦

二、价格脉搏

三、库存洞察

四、供需拼图

五、后市瞭望

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