According to SMM statistics, regarding the inventory of aluminum billets in two domestic locations, the inventory of aluminum billets in Guangdong was 76,000 mt, and the inventory of aluminum billets in Wuxi was 22,100 mt, totaling 98,100 mt, a decrease of 200 mt MoM. Affected by the unexpected increase in aluminum ingot inventory on Monday, the center of SHFE aluminum prices shifted significantly downward. Considering the impact of costs, aluminum billet manufacturers intended to refuse to budge on prices, and suppliers also held a similar mindset. As a result, the center of aluminum billet processing fees shifted significantly upward. Despite the off-season atmosphere in the downstream sector, after experiencing the previous period of high aluminum prices, downstream manufacturers also had rigid restocking needs. Therefore, downstream enterprises also had intentions to buy the dip, and the market transaction atmosphere improved slightly. As of July 15, 2025, the aluminum billet market in Foshan reported processing fees of 150/200 yuan/mt, unchanged; the processing fees in Wuxi were quoted at 230/280 yuan/mt, unchanged; and the processing fees in Nanchang were reported at 100/150 yuan/mt, unchanged. (Unit: yuan/mt)

[SMM spot copper] Looking ahead to tomorrow, after officially entering the SHFE copper 2508 contract, it is expected that suppliers will still start quoting at a spot premium of 150 yuan/mt. However, due to the relatively low cost of holding inventory before the contract rollover and the recent weak downstream consumption sentiment, it is expected that the spot premiums of SHFE copper will weaken rapidly.

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[SMM Spot Aluminum Midday Review: Price Pullback Stimulates Downstream Purchases, Spot Market Transactions Improve Today] On the inventory side, according to SMM's data on aluminum ingot inventories in three domestic regions, as of July 15, the domestic inventory of electrolytic aluminum ingots stood at 342,000 mt, a destocking of 5,000 mt from the previous trading day. In the short term, the casting ingot volume in the spot market has increased, providing some supply to the market. Aluminum ingot inventories have shifted to inventory buildup. Additionally, the off-season sentiment in the spot market is strong, with weak downstream demand leading to significant production cuts. It is difficult for purchases to see a qualitative improvement. Transactions in the spot market are mainly conducted at discounts. As the contract rollover approaches, fluctuations in the price spread between futures contracts may lead to changes in spot premiums/discounts.

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[SMM Daily Rare Earth Review: Rare Earth Prices Jump Initially and Then Pull Back, with Strong Wait-and-See Sentiment in the Market] Currently, rare earth market prices have jumped initially and then pulled back, mainly in the light rare earth market. Affected by the rapid rise in the oxide market yesterday, downstream orders are insufficient to support such high-priced Pr-Nd products. Market purchasing enthusiasm is low, and overall trading in the market is sluggish, with strong wait-and-see sentiment. Market transactions are difficult. Some suppliers have actively lowered their quotes due to fear of high prices, testing market sentiment.