SMM Aluminium Comment: Eyes on Power Supply Situation in Yunnan and Sustainability of Downstream Demand Recovery

Published: Apr 03, 2023 09:21 (GMT+8)

Source: SMM

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SHANGHAI, Apr 3 (SMM) – On the macro level, the domestic manufacturing PMI data continued to improve, which strengthened market confidence.

SHANGHAI, Apr 3 (SMM) – On the macro level, the domestic manufacturing PMI data continued to improve, which strengthened market confidence. On the supply side, aluminium smelters in Sichuan and Guizhou have resumed production, but the 780,000 mt of aluminium capacity in Yunnan that was previously curtailed has not yet resumed production. On the demand side, downstream operating rates improved. Social inventory of aluminium ingots continued to drop. With little disruption to supply and demand, overseas crude oil production cuts may provide upward momentum to aluminium prices some in the short term. Factors to watch: power supply situation in Yunnan; sustainability of downstream demand recovery

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