SHFE aluminum did not fall with macro headwinds; spot transactions continued to stabilize [SMM Aluminum Spot Midday Review]

Published: Sep 17, 2026 16:30

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SMM, September 17:

The SHFE aluminum 2610 contract futures center fluctuated relatively small compared with yesterday, and SHFE aluminum showed signs of stabilization. With the holiday approaching, downstream stocking willingness increased. Recent warehouse withdrawal data in east China was favorable, and spot premiums in east China remained firm. SMM A00 aluminum ingot transactions were at a premium of 10-30 yuan/mt.

Macro disturbances combined with destocking speed fluctuations affected SHFE aluminum futures, which also drove traders holding cargo in central China to maintain relatively high offer prices. However, constrained by weak purchase willingness from downstream processing enterprises and subdued actual transactions, offer levels continued to decline. Ultimately, actual transaction prices in the central China market were in the range of a discount of 30-60 yuan/mt against the SHFE aluminum October contract.

SMM daily inventory data for aluminum ingots in the three regions showed destocking of 26,000 mt, with all three regions posting destocking.

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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