Wider spot aluminium discounts in east China spur traders’ buying interest

[SMM Aluminum Flash] China's secondary aluminum ingot inventory across three major consumption regions stood at 12,403 mt today, down 283 mt from the previous trading day. Driven by a widening spot-futures price spread and the release of pre-holiday stockpiling demand, inventory showed an overall destocking trend this week.

On September 19, the Winning Ambition, carrying 320,000 mt of Guinean bauxite, successfully berthed at Berth 502# in the West Port Area of Yantai Port, Shandong Port Group, to begin discharge operations, marking the fourth time Yantai Port has refreshed the global record for the largest single-vessel bauxite discharge volume. The Winning Ambition is the first vessel in Winning International's WINNINGMAX Sirius series, built by CSSC Qingdao Beihai Shipbuilding. The vessel is equipped with an integrated hull methanol fuel tank, has received DNV methanol-ready certification, and its EEDI is 33.9% lower than the baseline. As a green VLOC giant designed for future zero-carbon shipping, it undertakes long-haul ocean transport of Simandou iron ore and Guinean bauxite, connecting overseas resource supply sources with port logistics hubs and setting a model for building an efficient, low-carbon, and secure global mineral supply chain. This first call once again demonstrates Shandong Port Group's resolve to accelerate the development of a bulk dry cargo storage, transfer, and distribution hub, as well as its strong capability in handling ultra-large vessels. To date, Yantai Port has received a cumulative total of 82 bauxite vessels of the 300,000 mt class, marking the sustained and stable operation of the China-Africa ultra-large ore carrier bauxite transport project. This further consolidates Yantai Port's advantage as the leading port for China-Africa trade and injects strong momentum into accelerating the development of a key hub in the domestic and international dual circulation and advancing high-quality Belt and Road cooperation.

Zhou Xing, spokesperson and vice minister of the Ministry of Natural Resources, said at a press conference held by the State Council Information Office that as a major manufacturing country, China will continue to see rigid growth in demand for important mineral resources during the 15th Five-Year Plan period. To this end, the Ministry of Natural Resources will continue to implement a new round of strategic prospecting breakthroughs, firmly secure the energy supply, and provide strong support for the development of advanced manufacturing. Specific measures include: first, implementing the national geological mapping plan to raise the coverage rate of 1:50,000 regional geological surveys on land to 51% and the coverage rate of mineral geological surveys in important metallogenic belts to 66%; second, intensifying exploration and mining efforts, organizing large-scale prospecting campaigns, focusing on scarce minerals such as oil, iron, copper, and aluminum while also giving attention to advantageous minerals such as rare earths, deploying a number of key exploration and mining projects, steadily advancing the construction of about 300 energy and resource bases, and strengthening the foundation for energy and resource security; third, enhancing scientific and technological innovation to achieve breakthroughs in growth and revitalize existing resources, and guiding mining enterprises to improve the "three rates" (mining recovery rate, ore beneficiation recovery rate, and comprehensive resource utilization rate).