Active Trading in East China as Spot Discounts Narrow Significantly [SMM Spot Aluminum Midday Review]

게시됨: Jan 21, 2025 13:38

저장

[SMM Spot Aluminum Midday Review: Active Trading in East China, Spot Discounts Narrow Significantly]

SMM, January 21 - This morning, the SHFE aluminum front-month contract fluctuated. On the fundamentals, aluminum ingot social inventory shifted to an inventory buildup, while inventory in Wuxi continued to decline. Market buying sentiment improved, spot discounts narrowed, and trading was active.

Specifically, trading in east China was robust, mainly due to the ongoing inventory reduction in Wuxi, coupled with insufficient arrivals in north-west China, leading to tight market supply. Traders were purchasing to fulfill long-term contracts, and downstream stockpiling demand remained, driving spot discounts to narrow. Today, SMM A00 aluminum recorded a discount of 50 yuan/mt against the SHFE 2502 contract, up 10 yuan/mt from the previous trading day. SMM A00 aluminum ingot was priced at 20,320 yuan/mt, up 60 yuan/mt from the previous trading day.

In the central China market, downstream buying sentiment weakened as the Chinese New Year break approached. Some enterprises took the opportunity for technological transformation, reducing their purchasing willingness. Traders accelerated shipments, leading to an expansion in discounts in the central China market. Today, the Henan-Shanghai price spread showed a discount of around 140 yuan/mt. SMM Central China A00 aluminum recorded 20,180 yuan/mt against the SHFE 2502 contract, up 60 yuan/mt from the previous trading day. Actual market transactions were mainly at SMM Central China -20 to -10 yuan/mt.

Regarding inventory, according to SMM's daily aluminum ingot inventory data for three domestic regions, as of January 21, inventory increased by 100 mt to 318,400 mt. In the short term, earlier in-transit cargoes gradually entered warehouses, coupled with downstream entering the Chinese New Year holiday, marking a turning point in social inventory. However, the continuous inventory reduction in Wuxi supported regional premiums and discounts. Future attention should focus on arrivals in east China and changes in downstream demand.

Data Source: SMM
》Subscribe to view SMM historical spot metal prices

데이터 출처 설명: 공개 정보를 제외한 모든 데이터는 SMM이 공개 정보, 시장 커뮤니케이션 및 SMM 내부 데이터베이스 모델을 기반으로 가공한 것입니다. 본 자료는 참고용이며 의사결정 권고를 구성하지 않습니다.

문의 사항이 있거나 자세한 정보를 원하시면 아래로 연락해 주시기 바랍니다: lemonzhao@smm.cn

리서치 보고서 열람 방법에 대한 자세한 내용은 아래로 문의하시기 바랍니다:service.en@smm.cn