Hongqiao Holdings: Recent signs of marginal decline in social inventories of electrolytic aluminum.

Hongqiao Holding stated at the performance briefing on May 15th that, according to publicly available industry data, aluminum rod inventory has been continuously decreasing since mid-March 2026. This year, due to factors such as the late timing of the Spring Festival, the postponed off-season, and the impact of high aluminum prices on downstream stocking rhythm, the pace of aluminum ingot inventory reduction is relatively slow. However, there have been signs of a marginal decline in electrolytic aluminum social inventory recently, and the trend of inventory reduction still needs to be continuously observed in conjunction with downstream production, spot transactions, and delivery conditions. This year, aluminum ingot social inventory is relatively high, mainly possibly due to the following factors: first, the recovery pace of demand after the Spring Festival has been delayed, and downstream picking up and stocking have been relatively cautious; second, aluminum prices are relatively high, which has had a certain impact on downstream purchasing rhythm, temporarily causing more inventory to be stored in the upstream and circulation links; third, there are differences in inventory performance among different product forms, and the pace of inventory reduction for aluminum rods, aluminum ingots, and processed materials is not completely consistent. Overall, with continuous release of downstream demand, there have been signs of marginal improvement in aluminum ingot social inventory, but the specific timing and extent of inventory reduction still depend on market supply and demand, price levels, and delivery rhythm.