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Aluminum industry research report: Resonance upward potential gradually

Global alumina production is gradually increasing, and China is the world's largest alumina production country. After alumina production growth peaked in 2017, global alumina production slowed down significantly. In 2022, the global alumina production is 140 million tons, an increase of 0.7%, basically unchanged from the previous year, of which China has become the largest alumina production country with 54.3%, Australia and Brazil accounted for 14.3% and 7.9% respectively, and the cumulative output of the top three countries accounted for 76.4%. Production is more concentrated.

Aluminum is a kind of silver-white light metal, which exists in the form of compounds in nature, and has excellent characteristics such as light weight, low price, good thermal conductivity, easy processing, and not easy to corrode. Aluminum alloy products are widely used in aerospace, transportation, electronic power, construction and other fields. Aluminum production and consumption (in tons) is only second to steel, becoming the second largest metal used by humans. From the perspective of the industrial chain structure, the supply of aluminum mainly comes from ore (primary) and scrap metal (recycled), bauxite is the main source of metal aluminum, and China's recycled aluminum production accounts for about 20% of the proportion of primary aluminum.

In 2022, the global bauxite reserves are about 31 billion tons, Guinea has the richest reserves, accounting for 23.9%, and China has less bauxite resources, accounting for only 2.3% of the world. According to the United States Geological Survey (USGS) statistics, the global bauxite resources in 2022 are about 31 billion tons, and the distribution is more concentrated, only Guinea, Vietnam, Australia, the three countries occupy 59% of the global bauxite reserves, China's reserves of 710 million tons, accounting for only about 2.3%. According to the 2021 data of the National Bureau of Statistics, China's bauxite resources are mainly distributed in Shanxi, Guangxi, Guizhou and Henan, accounting for more than 90% in total.

In recent years, the global bauxite production is relatively stable, and the total output of Australia, China and Guinea accounts for more than 72%. Global bauxite production in 2020-2022 is stable at about 380 million tons, which is basically stable. The main mining countries of bauxite in the world are Australia, China and Guinea, of which Australia ranks first with an annual output of 110 million tons, accounting for 26.3%, followed by China and Guinea, accounting for 23.7% and 22.6% respectively, and the production is more concentrated.