Entering Q2, refinery maintenance further increased, and domestic supply continued to decline. However, with the arrival of previously shipped goods, port petroleum coke inventories began to enter a buildup cycle. Demand-side performance was weak, with downstream enterprises lacking purchasing motivation, and US-China trade frictions also cooled traders' buying sentiment, creating a strong wait-and-see atmosphere. However, considering shipping schedules and the arrival of previous orders, SMM expects petroleum coke imports in Q2 to still increase MoM. In the long term, with the continuation of trade frictions and further adjustments in domestic market supply and demand, subsequent petroleum coke imports are expected to decline.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 25 Apr, 2025

Details of the hot topics in the aluminum market this week (April 21-24, 2025) are as follows...

【ADC12 Price Daily Review: Aluminum Prices Rise for Three Consecutive Days, Upward Pressure on Secondary Aluminum Prices Remains】 Aluminum prices continued their rebound today, with the SMM A00 aluminum price increasing by 90 yuan/mt to 19,980 yuan/mt compared to the previous trading day. The domestic SMM ADC12 price remained stable in the range of 20,500-20,700 yuan/mt.

Premiums and Discounts for Aluminum Ingots by Region on April 25, 2025

SMM Spot Aluminum Midday Review: Aluminum Prices Return to 20,000, Downstream Purchasing Enthusiasm Weakens. Inventory-wise, according to SMM's domestic aluminum ingot inventory data from three regions, the domestic aluminum ingot inventory in these three regions stood at 531,100 mt on April 25, with a destocking of 6,400 mt compared to the previous day. In the short term, the fundamentals show no significant weakening in demand, providing support for domestic aluminum prices. However, a slight easing in macro conditions has driven the futures market higher. With the domestic market approaching the transition between peak and off-peak seasons, coupled with ample market supply, spot aluminum premiums and discounts are expected to pull back slightly in the short term.

According to SMM statistics, in terms of domestic aluminum billet inventory in two regions, Guangdong's aluminum billet inventory was 90,800 mt, and Wuxi's aluminum billet inventory was 27,000 mt, totaling 117,800 mt, a decrease of 6,500 mt MoM. Today, aluminum prices broke through the 20,000 yuan mark, and processing fees were under pressure and weakened. Although there was some rigid demand for restocking before the holiday, downstream buyers mainly drove down prices and purchased as needed. Suppliers actively adjusted prices to promote transactions, and overall transactions were conducted with volume discounts. Notably, due to delayed arrivals, small billets in the Nanchang market were in short supply, and processing fees significantly increased against the trend. Today, the Foshan aluminum billet market quoted 260/310, down 30; the Wuxi market quoted 280/350, unchanged; and the Nanchang region quoted 270/450, down 10/up 120. (Unit: yuan/mt)