SMM Aluminum Spot Midday Review: Weak Transactions Amid Rising Inventories and Waning Downstream Demand

게시됨: Nov 26, 2024 14:15
[SMM Aluminum Spot Midday Review: Weak Spot Transactions in Henan and Shanghai Due to Insufficient Downstream Demand] According to the latest inventory data from SMM, as of this Monday, the social inventory of domestic aluminum ingots was 551,000 mt, up 12,000 mt compared to last Thursday. Inventory buildup in Wuxi was significant, up 11,000 mt to around 169,000 mt compared to last Thursday. In Gongyi, some rail shipments arrived over the weekend, increasing by approximately 7,000 mt compared to last Thursday. From the outflows from warehouses data, aluminum prices fluctuated last week, and downstream rushed to meet deadlines before tax incentives were canceled, leading to a WoW increase in domestic aluminum ingot outflows from warehouses. Currently, shipments from Xinjiang remain poor, with intermittent arrivals in Wuxi and Gongyi, but downstream demand weakened compared to last week. It is expected that the spot premiums for SMMA00 may narrow next week.

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