SHFE Cast Aluminum Alloy Warrants Down 122 mt to 66,791 mt on Feb 3

Shanghai Metals Market (SMM) is delighted to  announce that Touchi International Corp has officially joined our 2026 (3rd) Global Renewable Metals Industry Summit to be held in Tokyo, Japan, on May 11-12, 2026,  as the Banquet Title Sponsor.

[SMM Aluminum Express] According to SMM data, the PMI for the secondary aluminum industry fell 1.8 percentage points MoM to 44.6% in January 2026, remaining in contraction territory for consecutive periods. Entering February, influenced predominantly by the Chinese New Year holiday, both industry orders and the operating rate of secondary aluminum producers are expected to see a significant pullback. The industry PMI is projected to continue operating below the 50 mark, with momentum for a near-term recovery in business sentiment still appearing insufficient.

[SMM Aluminum Alloy Daily Report] Futures side, the aluminum alloy 2603 contract opened at 22,310 yuan/mt, surged to the intraday high of 22,595 yuan/mt by the close, up 380 yuan/mt or 1.71% from the previous settlement, mainly driven by bears reducing positions. Spot market side, SMM ADC12 price rose 150 yuan/mt to 23,800 yuan/mt. While futures showed a clear rebound, secondary aluminum smelters' offers diverged: some enterprises raised quotes by 200 yuan/mt following market trends, largely recovering the previous day's decline; others, constrained by weak orders, kept offers steady and adopted a wait-and-see approach. With aluminum prices rebounding, market procurement sentiment improved slightly compared to earlier, but downstream buyers continued to make just-in-time procurement.