In the morning session, the center of SHFE aluminum prices continuously moved up to above 19,750 yuan/mt, directly targeting 19,800 yuan/mt. In the spot market, large buyers in east and south China were actively purchasing, with premiums remaining firm. Suppliers were more willing to sell due to the rebound in aluminum prices, and trading activity was brisk. The market traded at a premium of 20 yuan/mt against the SMM A00 average price. The SMM A00 premium against the SHFE aluminum 2505 contract was 30 yuan/mt, up 20 yuan/mt from the previous trading day. The SMM A00 aluminum ingot price was recorded at 19,800 yuan/mt, up 120 yuan/mt from the previous trading day.
In the central China market, after the rebound in aluminum prices, downstream purchasing weakened, while upstream suppliers were actively selling, leading to the release of earlier inventories. The market premium experienced a price collapse and weakened. The SMM central China A00 price against the SHFE aluminum 2505 contract was recorded at 19,720 yuan/mt, up 100 yuan/mt from the previous trading day. The price spread between Henan and Shanghai was -50 yuan/mt. The actual market transactions were at parity to a discount of 10 yuan/mt against the SMM central China price, and at a discount of 20 yuan/mt against the 2504 contract.
In terms of inventory, the SMM weekly aluminum social inventory was recorded at 689,000 mt, a decrease of 35,000 mt. After the earlier downward shift in the center of aluminum prices, downstream restocking is expected to increase. The finished product inventories and warrant inventories of downstream processing materials have been digested to normal levels. After the contract rollover, suppliers stood firm on quotes, and market premiums tended to firm up.
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