- Hot topic this week: The divergence in the PMI of the aluminum processing industry intensified in April - sluggish growth in demand, and the supporting effect of the traditional peak season gradually faded away.
- Forecast for next week: The shadow of the tariff war lingers, and SHFE aluminum may be in the doldrums after the holiday.
- Aluminum: Stockpiling before the holiday accelerated destocking, and the risk of inventory buildup after the holiday still warrants caution.
- Bauxite and Alumina: Bauxite inventory buildup at ports is significant. Production resumptions of alumina, coupled with new investments, have driven a rebound in operating capacity.
- Aluminum Billet and Extrusion: Just-in-time stockpiling before the holiday accelerated inventory reduction. The improvement in building material orders supported industry operations.
- Secondary Aluminum: The holiday disrupted both supply and demand, resulting in a weak market for secondary aluminum, which is expected to remain in the doldrums in the short term.
- Aluminum Auxiliary Materials: The cost of prebaked anode has loosened, leading to a significant price correction. The supply and demand of aluminum fluoride are at a stalemate, facing downward pressure.
For more details, please refer to the China Aluminum Market Weekly Report (20250430).
![알루미나, 급등 후 거래량 감소 속 조정 국면; 현물 지수 하락 멈추고 소폭 반등; 공급 강세·수요 약세 구도는 유지 [SMM 알루미나 모닝 코멘트]](https://imgqn.smm.cn/usercenter/SBQYr20251217171651.jpg)
![상하이 선물 거래소 알루미늄 계속 상승, 광둥-상하이 가격 차 확대로 화물 이동 유인 [SMM 알루미늄 현물 정오 리뷰]](https://imgqn.smm.cn/usercenter/VTjoW20251217171653.jpg)
