Aluminum prices went down, processing fees rose, and downstream bearish sentiment led to poor transactions [Spot aluminum billet daily review]

Published: May 21, 2024 15:18

Source: SMM

Save

Today, SMM A00 spot aluminium prices fell by 100 yuan/mt compared to the previous working day, reporting at 20,760 yuan/mt. Foshan A00 aluminium was reported at 20,680 yuan/mt, down by 90 yuan/mt compared to the previous working day. Today, aluminium price turned downward, aluminium billet conversion margins increased amid poor transactions.

Approaching noon, the transaction prices for φ120 and φ178 aluminium billet conversion margins in south China were concentrated around 180 yuan/mt, and for φ90 billets, the conversion margin was 220 yuan/mt, up 50 yuan/mt from the previous working day. The east China market saw unsatisfactory transactions; approaching noon, the transaction price for φ120 billet conversion margins was 230 yuan/mt, and for φ90 small billets, it was 290 yuan/mt, up 30 yuan/mt from the previous working day. In Nanchang, transactions were average, with reported conversion margins of 40 yuan/mt for φ120 billets and 110 yuan/mt for φ90 billets. The weekly average conversion margin in Linyi, Shandong was flat WoW, with the weekly average price for φ120 billets around 250 yuan/mt.

Market forecast Market review

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

19 hours ago

Fed Governor Milan Pushes for Over 100 Basis Points Cut, Contradicts Barkin on Caution

Federal Reserve Governor Milan pointed out that it is necessary for the US Fed to cut interest rates by more than 100 basis points this year. At the same time, he is very much looking forward to the performance of Kevin Warsh as Fed Chairman. However, Richmond Fed President Barkin emphasized that monetary policy must remain cautious until inflation fully pulls back to the target level, thereby ensuring the stability of the labour market.

19 hours ago

Democratic Senators Demand Delay in Fed Nomination Amid Criminal Investigation

All 11 Democratic members of the US Senate Banking Committee jointly sent a letter to the committee's chairman, Tim Scott, requesting that all nomination processes for the prospective Fed Chairman, Kevin Warsh, be postponed until the criminal investigation into current Fed Chairman Powell and other board members is concluded. However, Scott stated that Warsh's confirmation was a done deal.

19 hours ago

Fed to Keep Large Banks' Capital Levels Unchanged, Postpones Stress Test Reforms Until 2027

The US Fed has announced that it will maintain the capital levels of large banks unchanged during the upcoming stress test cycle (corresponding to the 2026 cycle). At the same time, the US Fed is planning multidimensional reforms to this annual test, aiming to enhance its transparency. The US Fed's Vice Chair for Supervision, Bowman, revealed that adjustments to the stress capital buffer requirements for large banks will be postponed until 2027. This move is intended to provide the US Fed with sufficient time to evaluate potential flaws that may be exposed in its testing models when assessing banks' financial conditions under simulated economic downturn scenarios.

19 hours ago