Stockpiling Sentiment Rose Before Labour Day Holiday, Overall Market Trading Atmosphere Recovered Slightly [SMM Spot Aluminum Midday Review]

Published: Apr 29, 2026 21:48

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SMM April 29:

SHFE aluminum 2605 fluctuated upward in early trading, with overall aluminum prices still operating within a relatively low range recently. Driven by pre-holiday restocking, reduced liquidity due to invoice shortages, and recent low aluminum prices, overall buyer procurement sentiment was strong. Mainstream transactions for cargoes with invoices dated this month were concentrated around SMM A00 aluminum average price to +10 yuan/mt. East China market shipments sentiment index was 2.91, down 0.10 MoM; procurement sentiment index was 3.64, up 0.06 MoM.

Central China market downstream processing enterprises showed improved stockpiling sentiment ahead of the Labour Day holiday, driving a slight recovery in overall market transaction atmosphere. However, insufficient invoice quotas still suppressed next-month invoice transactions among traders, with more preference for selling cargoes with invoices dated this month, keeping prices high. Ultimately, actual transaction price range in the central China market centered around central China price premium 10 yuan to discount 10 yuan. Central China market shipments sentiment index was 2.83, up 0.01 MoM; procurement sentiment index was 2.41, up 0.08 MoM.

Inventory side, aluminum ingot inventory in major consumption areas fell 1.15 MoM, with destocking mainly from Wuxi and Gongyi.

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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