China's Secondary Aluminum Alloy Ingot Inventory Down 562 mt, Driven by Foshan and Ningbo

[Divergence in Downstream Consumption Combined with Destocking: SHFE Aluminum Expected to Fluctuate in the Short Term] The tug-of-war between longs and shorts on the macro front has intensified. Amid geopolitical risks in the Middle East, wait-and-see sentiment in the market is expected to persist. The supply gap outside China is expected to provide strong floor support for aluminum prices, and expectations of rising energy costs are also expected to drive aluminum prices higher. However, high inventory pressure in China remains relatively pronounced and is expected to limit the upside room for domestic aluminum prices. In the short term, domestic aluminum prices are expected to mainly fluctuate and adjust.