China aluminum scrap imports grew both MoM and YoY in October

[SMM Aluminum Alloy Update] China's social inventory of cast aluminum alloy ingots stood at 31,800 mt this week, down 2,700 mt WoW, ending a six-week streak of inventory buildup. The shift to destocking this week was mainly driven by a widening spot-futures price spread and the release of pre-holiday stockpiling demand, with enterprises showing improved purchasing appetite. The National Day holiday arrives next week, and pre-holiday stockpiling demand may be further released. Social inventory is expected to continue destocking, but whether demand can be sustained after the holiday still warrants attention.

[Aluminum ingot destocking trend continues before the holiday, providing strong support for aluminum prices fluctuating at highs] Overall, it is expected that aluminum prices will consolidate at highs in the short term.