According to SMM statistics, as of May 9, the aluminum ingot inventory in Guangdong was 235,400 mt; in Wuxi, it was 190,000 mt; and in Gongyi, it was 62,000 mt. The combined inventory across these three locations totaled 487,400 mt, a decrease of 13,200 mt from the previous trading day.
SMM believes that, within just two days after the holiday, the domestic aluminum ingot inventory continued to destock, indicating that domestic aluminum consumption remains resilient during the critical transition phase between the off-season and peak season. In the short term, aluminum prices still have significant support. For the time being, SMM maintains a relatively optimistic outlook, expecting that the domestic aluminum ingot inventory across the three locations will continue to trend downward slightly and steadily in the first half of May, operating below the 500,000 mt threshold.
