国际投行报告-全球原材料行业-铝：中国因素发生逆转-2021.11.2-79页

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国际投行报告-全球原材料行业-铝：中国因素发生逆转-2021.11.2-79页

# 原材料 # 铝 # 投行报告大小：7.83M | 页数：79 | 上架时间：2021-11-09 | 语言：英文

国际投行报告-全球原材料行业-铝：中国因素发生逆转-2021.11.2-79页.pdf

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国际投行报告-全球原材料行业-铝：中国因素发生逆转-2021.11.2-79页.pdf

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类型: 行研

上传者: YLY.sjz

撰写机构: Morgan Stanley

出版日期: 2021-11-02

摘要：

Global aluminum market getting tighter. China accounts for 57% ofglobal aluminum supply and previously exported 5-6 million tons perannum, or 38% of the global trade market. To achieve its carbon neutralitygoals, however, China has capped capacity at 45mnt. In addition,emissions cuts and power controls have suspended 3.7mnt ofaluminum capacity, equivalent to 10% of China's 2020 production.We expect the country to become a net importer in 2022 if energycontrols persist. Power issues are also spreading beyond China,affecting smelters in terms of both power availability and cost. Withglobal supply and demand turning from long-term oversupply to deficit,we expect aluminum equities to re-rate.

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