Primary aluminium inventories extend gains as demand yet to recover fully 

[SMM Aluminum Flash] On July 23, SHFE aluminum futures warrants registered at 362,106 mt, down 3,490 mt from the previous trading day; over the past week, SHFE aluminum futures warrants have cumulatively fallen by 19,127 mt, a decrease of 5.02%; over the past month, SHFE aluminum futures warrants have cumulatively fallen by 115,128 mt, a decrease of 24.12%.

[SMM Aluminum Bulletin] This week, prices of aluminum fluoride raw materials diverged, while overall production costs stayed high. The upstream 97% fluorite wet powder market consolidated on a strong note, with mainstream delivered prices at 3,150-3,500 yuan/mt and persistent regional price spreads. The widening domestic raw material supply gap provided strong support for fluorite prices. Meanwhile, purchasing interest from downstream hydrofluoric acid enterprises recovered slightly, and just-in-need stockpiling increased, with favorable supply-demand developments reinforcing fluorite’s upward trend.

[SMM Aluminum Bulletin] This week, the coal tar pitch market continued to weaken. As of Thursday, the average price of coal tar pitch was 4,705 yuan/mt, down 3.35% WoW. On the cost side, high-temperature coal tar remained weak; operating rates at coal tar deep-processing enterprises increased, leaving ample commercial pitch supply in circulation and an overall loose supply picture. Downstream, prebaked anode consumption stayed rigid, supported by high aluminum capacity, but with raw material inventories at high levels, buyers pushed for lower prices and insisted on need-based purchasing. Weak demand from secondary downstream sectors such as carbon black failed to provide a boost, and trading was thin. In the near term, under loose supply-demand conditions, coal tar pitch will likely consolidate at lows on a weak note.