According to SMM statistics, as of July 28, the inventory of aluminum ingots at major domestic consumption hubs stood at 533,000 mt, an increase of 23,000 mt compared to Thursday of the previous week and 35,000 mt compared to Monday of the previous week. On a YoY basis, domestic aluminum ingot inventory has lost its advantageous position of being at a low level compared to the same period in the past three years. Although it still decreased by 281,000 mt compared to the same period last year, it increased by 8,000 mt compared to the same period in 2023. In terms of outflows from warehouses, the weekly outflows from warehouses of aluminum ingots at major domestic consumption hubs were 92,500 mt in the past week, a significant decrease of 15,700 mt MoM. Excluding the impact of the Chinese New Year holiday week at the beginning of this year, the outflow data has hit a new low for the year. As we enter the latter half of July, due to the decline in the proportion of liquid aluminum within the month, the supply pressure of domestic aluminum ingots remains unabated, and the volume of aluminum ingots in transit across various regions continues to maintain a relatively high level. The trend of inventory buildup in China still persists, with a temporary forecast for month-end...