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2025年初至今的铝价（美元/吨，左轴）/氧化铝（元/吨，右轴）走势复盘：受到关税、成本、基本面等扰动

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2025年初至今的铝价（美元/吨，左轴）/氧化铝（元/吨，右轴）走势复盘：受到关税、成本、基本面等扰动_第1页

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2025年初至今的铝价（美元/吨，左轴）/氧化铝（元/吨，右轴）走势复盘：受到关税、成本、基本面等扰动_第2页

2025年初至今的铝价（美元/吨，左轴）/氧化铝（元/吨，右轴）走势复盘：受到关税、成本、基本面等扰动_第3页

### 美国铜材进口量（万吨）
| 年份 | 铜线 | 铜棒、铜型材 | 铜板带 | 铜箔 | 铜管 | 铜管附件 | 铜绞线 | 铜钉等其他铜制品 | 厨房铜用品 | 其他铜制品 | 泥铜 |
|------|------|--------------|--------|------|------|----------|--------|------------------|------------|------------|------|
| 2017 | 16   | 3            | 8      | 2    | 12   | 1        | 2      | 1                | 1          | 1          | 1    |
| 2018 | 20   | 3            | 9      | 2    | 13   | 1        | 2      | 1                | 1          | 1          | 1    |
| 2019 | 21   | 3            | 9      | 2    | 13   | 1        | 2      | 1                | 1          | 1          | 1    |
| 2020 | 18   | 3            | 8      | 2    | 11   | 1        | 2      | 1                | 1          | 1          | 1    |
| 2021 | 23   | 3            | 9      | 2    | 14   | 1        | 2      | 1                | 1          | 1          | 1    |
| 2022 | 27   | 3            | 10     | 2    | 15   | 1        | 2      | 1                | 1          | 1          | 1    |
| 2023 | 28   | 3            | 10     | 2    | 15   | 1        | 2      | 1                | 1          | 1          | 1    |
| 2024 | 26   | 3            | 9      | 2    | 14   | 1        | 2      | 1                | 1          | 1          | 1    |


### 美国进口铜材来源国占比（%）
#### 铜线
| 年份 | 第一大国 | 占比 | 第二大国 | 占比 | 第三大国 | 占比 | 第四大国 | 占比 | 第五大国 | 占比 |
|------|----------|------|----------|------|----------|------|----------|------|----------|------|
| 2017 | 加拿大   | 77   | 墨西哥   | 9    | 韩国     | 1    | 智利     | 1    | 秘鲁     | 3    |
| 2018 | 加拿大   | 79   | 墨西哥   | 9    | 韩国     | 1    | 智利     | 0   | 秘鲁     | 3    |
| 2019 | 加拿大   | 82   | 墨西哥   | 7    | 韩国     | 1    | 智利     | 0    | 秘鲁     | 3    |
| 2020 | 加拿大   | 81   | 墨西哥   | 7    | 泰国     | 3    | 智利     | 0    | 秘鲁     | 2    |
| 2021 | 加拿大   | 80   | 墨西哥   | 4    | 韩国     | 3    | 智利     | 0    | 秘鲁     | 3    |
| 2022 | 加拿大   | 81   | 墨西哥   | 5    | 韩国     | 2    | 智利     | 0    | 秘鲁     | 3    |
| 2023 | 加拿大   | 73   | 墨西哥   | 6    | 韩国     | 4    | 智利     | 2    | 秘鲁     | 2    |
| 2024 | 加拿大   | 78   | 墨西哥   | 6    | 韩国     | 4    | 智利     | 3    | 秘鲁     | 2    |

#### 铜管
| 年份 | 第一大国 | 占比 | 第二大国 | 占比 | 第三大国 | 占比 | 第四大国 | 占比 | 第五大国 | 占比 |
|------|----------|------|----------|------|----------|------|----------|------|----------|------|
| 2017 | 泰国     | 0    | 韩国     | 16   | 加拿大   | 22   | 墨西哥   | 12   | 巴林     | 0    |
| 2018 | 泰国     | 0    | 韩国     | 15   | 加拿大   | 17   | 墨西哥   | 12   | 巴林     | 0    |
| 2019 | 泰国     | 1    | 韩国     | 14   | 加拿大   | 19   | 墨西哥   | 13   | 巴林     | 1    |
| 2020 | 泰国     | 5    | 韩国     | 13   | 加拿大   | 16   | 墨西哥   | 10   | 巴林     | 2    |
| 2021 | 泰国     | 20   | 韩国     | 22   | 加拿大   | 17   | 墨西哥   | 11   | 巴林     | 6    |
| 2022 | 泰国     | 21   | 韩国     | 19   | 加拿大   | 11   | 墨西哥   | 11   | 巴林     | 9    |
| 2023 | 泰国     | 18   | 韩国     | 20   | 加拿大   | 14   | 墨西哥   | 13   | 巴林     | 4    |
| 2024 | 泰国     | 21   | 韩国     | 20   | 加拿大   | 12   | 墨西哥   | 9    | 巴林     | 7    |

#### 铜板带
| 年份 | 第一大国 | 占比 | 第二大国 | 占比 | 第三大国 | 占比 | 第四大国 | 占比 | 第五大国 | 占比 |
|------|----------|------|----------|------|----------|------|----------|------|----------|------|
| 2017 | 德国     | 59   | 秘鲁     | 4    | 巴西     | 6    | 芬兰     | 5    | 保加利亚 | 3    |
| 2018 | 德国     | 57   | 秘鲁     | 4    | 巴西     | 8    | 芬兰     | 5    | 保加利亚 | 4    |
| 2019 | 德国     | 53   | 秘鲁     | 5    | 巴西     | 8    | 芬兰     | 6    | 保加利亚 | 4    |
| 2020 | 德国     | 50   | 秘鲁     | 6    | 巴西     | 11   | 芬兰     | 6    | 保加利亚 | 4    |
| 2021 | 德国     | 52   | 秘鲁     | 7    | 巴西     | 10   | 芬兰     | 5    | 保加利亚 | 4    |
| 2022 | 德国     | 39   | 秘鲁     | 8    | 巴西     | 12   | 芬兰     | 4    | 保加利亚 | 5    |
| 2023 | 德国     | 37   | 秘鲁     | 12   | 巴西     | 12   | 芬兰     | 7    | 保加利亚 | 6    |
| 2024 | 德国     | 23   | 秘鲁     | 19   | 巴西     | 16   | 芬兰     | 6    | 保加利亚 | 6    |

#### 铜棒、铜型材
| 年份 | 第一大国 | 占比 | 第二大国 | 占比 | 第三大国 | 占比 | 第四大国 | 占比 | 第五大国 | 占比 |
|------|----------|------|----------|------|----------|------|----------|------|----------|------|
| 2017 | 德国     | 14   | 秘鲁     | 11   | 墨西哥   | 14   | 法国     | 10   | 巴西     | 9    |
| 2018 | 德国     | 15   | 秘鲁     | 12   | 墨西哥   | 14   | 法国     | 8    | 巴西     | 7    |
| 2019 | 德国     | 14   | 秘鲁     | 13   | 墨西哥   | 14   | 法国     | 10   | 巴西     | 7    |
| 2020 | 德国     | 16   | 秘鲁     | 13   | 墨西哥   | 16   | 法国     | 9    | 巴西     | 9    |
| 2021 | 德国     | 13   | 秘鲁     | 12   | 墨西哥   | 14   | 法国     | 7    | 巴西     | 9    |
| 2022 | 德国     | 10   | 秘鲁     | 15   | 墨西哥   | 13   | 法国     | 9    | 巴西     | 14   |
| 2023 | 德国     | 11   | 秘鲁     | 14   | 墨西哥   | 13   | 法国     | 11   | 巴西     | 11   |
| 2024 | 德国     | 18   | 秘鲁     | 14   | 墨西哥   | 12   | 法国     | 10   | 巴西     | 7    |

#### 铜管附件
| 年份 | 第一大国 | 占比 | 第二大国 | 占比 | 第三大国 | 占比 | 第四大国 | 占比 | 第五大国 | 占比 |
|------|----------|------|----------|------|----------|------|----------|------|----------|------|
| 2017 | 中国     | 42   | 德国     | 16   | 越南     | 0    | 泰国     | 5    | 韩国     | 5    |
| 2018 | 中国     | 45   | 德国     | 14   | 越南     | 0    | 泰国     | 6    | 韩国     | 4    |
| 2019 | 中国     | 37   | 德国     | 14   | 越南     | 4    | 泰国     | 5    | 韩国     | 6    |
| 2020 | 中国     | 36   | 德国     | 9    | 越南     | 5    | 泰国     | 6    | 韩国     | 6    |
| 2021 | 中国     | 38   | 德国     | 9    | 越南     | 7    | 泰国     | 6    | 韩国     | 5    |
| 2022 | 中国     | 35   | 德国     | 9    | 越南     | 6    | 泰国     | 6    | 韩国     | 5    |
| 2023 | 中国     | 33   | 德国     | 10   | 越南     | 6    | 泰国     | 6    | 韩国     | 7    |
| 2024 | 中国     | 29   | 德国     | 11   | 越南     | 10   | 泰国     | 7    | 韩国     | 7    |


### 资料来源  
US ITC，五矿证券研究所

2025年初至今的铝价（美元/吨，左轴）/氧化铝（元/吨，右轴）走势复盘：受到关税、成本、基本面等扰动_第4页

2025年初至今的铝价（美元/吨，左轴）/氧化铝（元/吨，右轴）走势复盘：受到关税、成本、基本面等扰动_第5页

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