China’s aluminum sector — a foundational non-ferrous metal material widely used in food packaging, new energy vehicles (NEVs), power infrastructure and high-end equipment — posted explosive earnings growth in the first half of 2026. Multiple listed aluminum producers saw profits double, with industry-wide capacity, sales volume and total profit all rising in lockstep.

From the industrial chain perspective, smelting profitability expanded sharply in H1 2026. Driven by concentrated capacity release, the spot average price of alumina (the core raw material) dropped 21.9% year-on-year to around 2,685 yuan per tonne. Meanwhile, downstream electrolytic aluminum spot prices climbed 18.8% year-on-year to roughly 24,100 yuan per tonne.

Official statistics show the aluminum industry’s total profit surged 114.84% year-on-year in H1 2026, lifting its share of total non-ferrous metal industry profits from 35.61% to 39.43%. The broader non-ferrous sector recorded 94% year-on-year profit growth, with aluminum contributing the largest share.

Rapid expansion of NEVs, energy storage and other emerging industries is driving soaring demand for lightweight, high-precision aluminum products, particularly battery aluminum foil.

Henan-based aluminum manufacturers have accelerated R&D and capacity expansion for high value-added products. Mingtai Aluminum, a leading domestic producer, has ramped up monthly output of battery-case dedicated aluminum from 6,000–7,000 tonnes last year to 20,000 tonnes in 2026 — yet supply still fails to meet robust demand. High-end aluminum products now make up 50% of the company’s product portfolio.

Industry leaders point out that emerging sectors such as the low-altitude economy and robotics will further boost demand for advanced aluminum alloys and new aluminum materials, becoming new growth poles for the industry.

Overseas market recovery has become a key growth driver for China’s aluminum industry in 2026, backed by the world’s most complete aluminum industrial chain and strong supply capacity.

China exported 5.62 million tonnes of aluminum and aluminum products in H1 2026, up 14.1% year-on-year, according to General Administration of Customs data. Multiple factors support export growth: geopolitical tensions and high energy costs have shrunk aluminum supply in some regions, while price gaps between domestic and global markets and China’s resilient industrial chain continue to enhance competitiveness.

Zhongfu Industry, another major Henan producer, saw its aluminum exports reach 230,000 tonnes in H1, up 23% year-on-year, with exports accounting for two-thirds of total sales. Its annual can-grade aluminum capacity exceeds 500,000 tonnes, holding an 8–10% global market share. Mingtai Aluminum reported 10% year-on-year export growth, with overseas factory output rising 20% and running at full capacity.

Industry analysts project sustained long-term demand for aluminum, fueled by global growth in NEVs, energy storage, AI and power infrastructure investment. China’s aluminum export sector is entering a new stage of structural optimization, with high-end, low-carbon and globalized strategies as the core path for enterprises to capture overseas market share.

The high-end aluminum processing segment is expected to maintain 5–15% annual growth in the coming years, supported by continuous industrial upgrading and expanding application scenarios.