Aluminum prices pull back slightly, weak tone unchanged [SMM South China spot aluminum daily review]

Published: Sep 4, 2026 12:23

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SMM, September 4:

Aluminum prices pulled back slightly today, with the spot market remaining on a weak footing and the trading pattern largely similar to yesterday. Although the spot-futures price spread was expected to weaken, its absolute level remained high, and absolute prices also stayed high. Under this dual pressure, suppliers' tentative attempts to hold prices firm drew no response, prompting them to shift to selling at varying degrees of lower prices. Occasional sell-offs persisted, and discounted spot cargoes continued to circulate. On the demand side, downstream buyers showed limited acceptance of high prices, making only just-in-time procurement. Traders initially pushed for lower prices while staying on the sidelines, then took advantage of the weakening spot-futures price spread to step up absorption of discounted spot cargoes, providing some support to the spot market. Overall transactions were lackluster. Spot transactions were concentrated at premiums of 165-205 yuan/mt over the SHFE aluminum 2609 contract.

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