SHANGHAI, Jul 7 (SMM) –A00 aluminium prices fell by 220 yuan/mt in a single day on Wednesday, and lost 260 yuan/mt from last Friday to 18,280 yuan/mt as of July 6. The prices of secondary aluminium alloy were relatively firm. As of this Thursday, the prices of SMM ADC12 were flat from a week ago at 18,400 yuan/mt. Aluminium scrap traders either held back cargoes or cut offers only slightly, making it difficult for secondary aluminium alloy plants to source raw materials. Thanks to cost support, ADC12 prices were stable or lost just 100 yuan/mt. After entering the traditional off-season in July, secondary aluminium alloy plants generally reported that market demand was sluggish and new orders tend to drop further. During the week, downstream die-casting factories mainly purchased as needed, and the market transactions were still thin. On the supply side, large ADC12 factories currently maintain stable production, but many small and medium-sized ones cut or halted production due to insufficient orders, shortage of raw materials, and losses. The subsequent operating rate will continue to decline. In terms of imports, the current offers of overseas ADC12 suppliers are $2,200-2,240/mt. The import window is still closed due to RMB depreciation, weak domestic demand, as well as overseas ADC12 prices being higher than domestic ones. It is expected that SHFE aluminium will barely have upward momentum in the short term. This, combined with weak demand, will keep ADC12 prices moving in a narrow range in the short term.
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