China Aluminum Stocks Return to Growth after Brief Drop, SMM Says

On May 28, according to Iran's Tasnim News Agency citing a military source, US forces opened fire in the Bandar Abbas area near the Strait of Hormuz in Iran, after Iran's Revolutionary Guards confronted a US oil tanker attempting to pass through the Strait of Hormuz. There were no reports of casualties or losses so far.

[SMM Aluminum Update] According to SMM statistics, as of Thursday this week, the social inventory of secondary aluminum alloy ingots in China's major consumption regions stood at 62,900 mt, up 2,200 mt WoW, marking seven consecutive weeks of inventory buildup, mainly dragged down by weak downstream demand. However, compliant aluminum scrap sources remained tight at this stage, and restricted raw material procurement led enterprises to cut production. The production side prioritized aluminum liquid and long-term contract deliveries, and alloy ingot output was expected to pull back further. The pace of subsequent inventory buildup was expected to slow down, and if source tightness intensified, inventory could shift into a destocking phase.