SHFE Aluminum Futures Drop, Spot Transactions Shift to Discounts

According to data from the General Administration of Customs, domestic imports of aluminium ores and concentrates reached 19.04 million tonnes in July 2026, down 6.3% month-on-month (MoM) and 4.6% year-on-year (YoY). Cumulative imports totalled 139.88 million tonnes over January–July, rising 13.8% YoY.

[ADC12 Daily Price Review: Spot ADC12 Edged Lower Slightly as Weak Demand and Raw Material Support Remained in a Tug-of-War] ADC12 market quotations overall consolidated on a subdued note today, with most enterprises cutting prices by 100 yuan/mt, mainly affected by a pull back in futures and primary aluminum prices, weaker end-use demand, and a slight downward shift on the cost side. However, the decline in aluminum scrap costs remained relatively limited, and the cost side still provided some support.

[SMM Aluminum Express News] Ma’aden’s Aluminium business reported Q2 2026 revenue of approximately US$1.01 billion, up 49% year on year, while EBITDA more than doubled to US$411 million, giving the segment an EBITDA margin of around 41%. The improvement was primarily driven by stronger aluminum pricing, with the average realised price reaching US$3,915/tonne, up 51% year on year, despite aluminum production declining slightly to around 242,000 tonnes during the quarter. Ma’aden expects aluminum market fundamentals to remain supportive, forecasting a global aluminum deficit of approximately 1.7 million tonnes for the remainder of 2026.