Aluminum Ingot Inventory Rises in China, High Prices and New Year Breaks Suppress Demand

Published: Feb 10, 2026 15:04

Save

Inventory side, aluminum ingot inventory in major consumption areas increased by 4,500 mt WoW, with the main sources of inventory buildup being Guangdong and Wuxi. In the short term, high aluminum prices may continue to suppress end-use demand, and coupled with the impact of downstream Chinese New Year breaks, aluminum ingots still face inventory buildup risks. Spot premiums/discounts are expected to remain under pressure.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

Common.Time.minsAgo

Overnight, the most-traded aluminum alloy futures fluctuated rangebound, with market trading becoming increasingly sluggish [SMM Cast Aluminum Alloy Morning Comment]

[SMM Cast Aluminum Alloy Morning Comment: ADC12 Futures Fluctuated Rangebound Overnight, Market Trading Turned More Sluggish] On Tuesday, SMM ADC12 prices held steady at 23,650 yuan/mt. As the Chinese New Year approaches, upstream and downstream enterprises in the secondary aluminum industry chain have entered a concentrated holiday period, leading to a noticeable decline in market liquidity. Actual transactions remained sluggish, with spot aluminum quotes mostly adjusting slightly around the futures.

Common.Time.minsAgo

Geopolitical Risks and Accelerated Seasonal Inventory Buildup Keep Aluminum Prices in the Doldrums [SMM Aluminum Morning Meeting Minutes]

[SMM Aluminum Morning Meeting Minutes: Geopolitical Risks and Accelerated Seasonal Inventory Buildup Keep Aluminum Prices in the Doldrums] In summary, amid the combined effects of supply growth, seasonal demand pullback, and accelerated inventory buildup, aluminum prices are generally under pressure. It is expected that prices will remain in the doldrums in the short term, with limited room for a rebound.

Common.Time.minsAgo

Common.Time.hoursAgo

Secondary Aluminum Alloy Prices Drop, Market Liquidity Slows Ahead of Chinese New Year

[SMM Secondary Aluminum Alloy Daily Review] Futures side, the most-traded secondary aluminum alloy 2604 contract opened at 2,222 yuan/mt, briefly rose above 22,300 yuan/mt after opening but lacked upward momentum to hold above that level. The price then dropped quickly during the session, hitting a low of 21,995 yuan/mt, with intraday fluctuations noticeably widening. It finally closed at 22,120 yuan/mt, down 105 yuan/mt or 0.47% from the previous close, with bears mainly increasing their positions. Spot market side, SMM ADC12 price held steady at 23,650 yuan/mt. As the Chinese New Year approaches, upstream and downstream enterprises in the secondary aluminum industry chain have entered a concentrated holiday period, leading to significantly reduced market liquidity and persistently sluggi

Common.Time.hoursAgo