CICC pointed out that the North American aluminum industry is facing the opportunities brought about by the US increasing barriers to aluminum imports and trade, as well as the challenges posed by data centers seizing limited electricity resources. Demand for aluminum in North America is expected to maintain a relatively rapid growth rate, and the regional supply and demand gap may widen further. We believe that under the protection of US tariff barriers, the transportation sector is expected to recover the utilization rate of automobile manufacturing capacity, and strong orders in the aerospace sector can also support aircraft manufacturing demand; demand for aluminum in residential construction may rebound steadily after new housing starts bottoming out; the return of data centers and manufacturing may further tighten US electricity supply and demand, and booming investment in the power industry may continue to drive related aluminum demand. We believe that the supply and demand gap in North America may continue to widen from 2025 to 2030, while the Midwest premium is expected to remain high.

CICC pointed out that the North American aluminum industry is facing the opportunities brought about by the US increasing barriers to aluminum imports and trade, as well as the challenges posed by data centers seizing limited electricity resources. Demand for aluminum in North America is expected to maintain a relatively rapid growth rate, and the regional supply and demand gap may widen further. We believe that under the protection of US tariff barriers, the transportation sector is expected to recover the utilization rate of automobile manufacturing capacity, and strong orders in the aerospace sector can also support aircraft manufacturing demand; demand for aluminum in residential construction may rebound steadily after new housing starts bottoming out; the return of data centers and manufacturing may further tighten US electricity supply and demand, and booming investment in the power industry may continue to drive related aluminum demand. We believe that the supply and demand gap in North America may continue to widen from 2025 to 2030, while the Midwest premium is expected to remain high.