China's April Passenger Car Sales Drop 20% YoY, 15% MoM Amid Ongoing Market Slump

[SMM Express] China's mainstream consumption areas saw secondary aluminum alloy ingot inventory increase by 112 mt from the previous trading day to 30,900 mt today, continuing a slight inventory buildup trend.

[Inventory Buildup and Macro Tailwinds Offset Each Other, Aluminum Prices Trade in a Range] The risk of supply disruptions to aluminum outside China has not yet subsided, and the ex-China aluminum ingot supply-demand gap will continue to provide support for aluminum prices. Meanwhile, the continuation of higher-than-expected inventory buildup in China will weigh on domestic aluminum prices. At the same time, tightened invoicing regulations may lead to structural tightness in spot cargo, and the weakening spot market will further limit upside room for domestic aluminum prices. Close attention should be paid to the potential emergence of a turning point in China's social inventory, which could drive a rebound and rise in aluminum prices.

In response to investor questions on the interactive platform, Diantou Energy stated that the Phase II Zaluminum project under the company is carrying out production work in an orderly manner as planned and is expected to achieve full-capacity commissioning in June 2026.