China's Secondary Aluminum Alloy Ingot Inventory Rises 297 MT, Foshan Sees Major Buildup

[SMM Aluminum Express News] The Sultanate of Oman is considering the development of up to three aluminium projects at the Special Economic Zone at Duqm (SEZAD). According to Duqm Economist (OPAZ quarterly newsletter): The Green Aluminum Project is under study with a planned investment of RO 2.4 billion (~US$6.2 billion). It aims to produce 530,000 tons of green aluminum ingots per year, plus 620,000 tons of aluminum billets and pre-cast slabs using low-carbon technologies and green hydrogen from 2030 onwards. Two other projects the Geely Green Aluminum Project and the Pearl Green Iron and Aluminum Project are also in the pipeline in partnership with regional investors. Oman is prioritizing green industries and low-carbon aluminum and iron production in Duqm.

[Geopolitical Negotiations Remain Unresolved; Aluminum Prices Continue LME Outperforms SHFE Pattern] Overall, the Middle East negotiation process continued to face setbacks. However, the supply gap outside China and the continued drawdown of LME inventory supported LME prices to hold up well. Meanwhile, China's aluminum ingot inventory remained at elevated levels, and attention should be paid to whether the inflection point of domestic inventory can materialize smoothly.