J P M O R G A N Asia Pacific Equity Research 09 September 2025 Aluminium Dashboard Global demand +3% YTD, inventory remains low but has trended higher since June Key takeaways: (1) Global aluminium demand is up 3% YTD through July (China +4% and RoW +2%); however, production is softer at 1.5% globally (China +2%, RoW flat). (2) Global inventories remain low at ~1,125kt, but have climbed up ~300kt since late June (still well below 2024 levels, and near decade lows for this time of year). (3) Alumina prices h ...