节点：中游（冶炼、中间品）位置：中游情绪：利空参考度：5/10
阿达尼集团投资12亿美元建成的古吉拉特邦Kutch Copper冶炼厂，年产能达50万吨，自2025年6月历经多次延迟后投料生产，但很快陷入全球铜精矿供应短缺困境。海关数据显示，截至10月的10个月内，该厂仅进口约14.7万吨铜精矿，不足全年所需160万吨的十分之一，而国内竞争对手Hindalco同期采购超100万吨，原料缺口显著制约其满负荷运转。
全球铜矿供应紧张源于主要生产商运营中断，今年自由港麦克莫兰、哈德贝矿业、艾芬豪矿业及智利国家铜业等均出现不同程度运营问题。同时中国冶炼产能持续扩张加剧原料争夺，压缩行业利润空间，迫使部分非中国生产商减产或关闭工厂。..
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