In October, the aluminium processing composite PMI fell 6.8 per cent points m-o-m to 48.9 per cent, dropping below the 50 mark. PMIs for most aluminium processing sectors declined significantly into contraction territory, mainly due to weakening end-use demand and high aluminium prices suppressing activity.
Primary alloy: In October, the primary aluminium alloy PMI reached 61.1 per cent, up 1.4 percentage points m-o-m from September, indicating a continued recovery in the industry. Sub-index analysis shows the production index surged to 74.1 per cent, while the new orders index rose to 68.8 per cent, reflecting active production scheduling by enterprises and sustained recovery in domestic demand against the backdrop of the September peak season. New export orders remained at the 50 mark, indicating stable external demand.
Notably, the finished product inventory index pulled back to 39.6 per cent. Combined with the purchasing volume index of 58.3 per cent, this suggests effective inventory reduction by enterprises and a more positive stockpiling sentiment. Although auxiliary indicators such as the import index and purchase prices remained at the 50 per cent threshold, the overall structure demonstrated active production and smooth inventory reduction.
