Weekly shipment of 6063 aluminium billets in major Chinese consumption areas unit: kt

[SMM Cast Aluminum Alloy Morning Comment: In March, the Secondary Aluminum Industry PMI Rebounded Sharply Into Expansion Territory, and Downward Pressure Remained in April] Overnight, the aluminum alloy 2605 contract price first fell and then rose, showing an overall fluctuating upward trend. After the opening, the price quickly dipped to an intraday low of 23,320 yuan/mt, then gradually stabilized and rebounded, fluctuating upward to a high of 23,610 yuan/mt. It pulled back slightly late in the session and finally closed at 23,585 yuan/mt, down 45 yuan/mt from the previous trading day, a decline of 0.19%.

On March 29, the UAE’s EGA aluminum plant was hit by Iranian missiles and drones, causing severe damage to its facilities. A damage assessment has been launched, and widespread production cuts were expected, involving total capacity of about 1.55 million mt. Combined with the production cut process initiated earlier this month by Alba and Qatalum, the total scale of production cuts at the three aluminum plants was about 2.43 million mt.

[SMM Analysis]Aluminum Processing PMI Rebounded Sharply to 66 in March, Expected to Pull Back in April