Rush for Installations Continues to Support Demand, PV Profile Operating Rate Rises

PV Aluminum Extrusion: This week, PV extrusion manufacturers maintained a positive production trend. Leading PV enterprises indicated that orders from industry leaders are expected to increase significantly in March-April, with capacity utilisation rates likely to reach full capacity. According to an SMM survey, as raw material costs account for over 80%, the current primary cost reduction and efficiency improvement measures remain focused on reducing raw material weight. However, related enterprises also pointed out that market demand in H2 remains highly uncertain. Future trends will require close attention to cost-side price fluctuations and the actual progress of end-user project implementation.

Material Prices: During the period (March 10-14, 2025), the average spot price center of aluminum shifted upward, with the SMM A00 weekly average price at 20,840 yuan/mt, up 0.75% from the previous week's average. Overall, close attention should be paid to changes in US tariff policies and the actual release of downstream demand. If overseas trade frictions escalate further and high aluminum prices suppress downstream demand, the upward momentum of aluminum prices may weaken. The most-traded SHFE aluminum contract is expected to operate within 20,700-21,200 yuan/mt next week, while LME aluminum is expected to range between $2,620-2,720/mt.