Downstream Restocking Ahead of the Holiday, Continued Improvement in Price Acceptance [SMM Spot Aluminum Midday Review]

Published: Apr 3, 2026 13:52

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SMM, April 3:

In early trading, SHFE aluminum 2604 fluctuated upward, while its center moved lower than the previous day. Supported by downstream pre-holiday restocking, buying sentiment rose sharply today, prompting sellers to lift quotes. Market transactions were mainly concentrated from the average discount of SMM A00 aluminum to a premium of 20 yuan/mt. Today, the shipments sentiment index in the east China market was 3.34, down 0.09 MoM; the purchasing sentiment index was 3.55, up 0.54 MoM.

In the central China market, downstream restocking sentiment was strong, and purchasing sentiment exceeded shipments sentiment, prompting sellers to lift quotes and driving market offers and transaction prices higher throughout the day. Ultimately, actual transaction prices in the central China market were around a premium of 30-40 yuan/mt over the central China price. Today, the shipments sentiment index in the central China market was 2.7, down 0.09 MoM; the purchasing sentiment index was 2.49, up 0.06 MoM.

Inventory side, aluminum ingot inventory in major consumption regions fell by 2,000 mt MoM today, with destocking mainly coming from Wuxi and Gongyi.

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.

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