According to SMM statistics, in terms of domestic aluminum billet inventory in two regions, the inventory of aluminum billet in Guangdong was 77,300 mt, and the inventory of aluminum billet in Wuxi was 15,200 mt, totaling 92,500 mt, a decrease of 3,700 mt MoM. As aluminum prices continued to climb, the performance of processing fees was weak, with varying degrees of reductions in different regions. Suppliers took the initiative to lower processing fees in an attempt to sell their products, while downstream buyers showed caution in purchasing due to fear of high prices, resulting in insufficient trading sentiment. Today, the aluminum billet market in Foshan reported processing fees of 310/360 yuan/mt, a decrease of 50 yuan/mt; the Wuxi market reported processing fees of 330/380 yuan/mt, with a decrease of 30 yuan/mt from 120 yuan/mt (assuming "120" refers to a previous price level, though this is not entirely clear from the context); the Nanchang region reported processing fees of 350/400 yuan/mt, a decrease of 50 yuan/mt. (Unit: yuan/mt)

[SMM Aluminum Morning Meeting Summary: Macro Factors Support Aluminum Price Increase, Continuous Monitoring of Terminal Export Changes] On the macro front, China's domestic favorable policies remain unchanged, and positive developments in the Sino-US tariff negotiations may drive up futures prices. On the fundamental front, the continuous decline in domestic aluminum ingot inventory provides support for aluminum prices. Subsequent rush to meet deadlines during the Sino-US tariff window period may continue to boost consumption, providing further support for aluminum price increases. It is expected that domestic aluminum prices will mainly fluctuate upward in the short term.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 13 May, 2025

According to SMM's latest monthly data survey, the total production of aluminum rods nationwide in April 2025 was 406,500 mt, an increase of 41,500 mt compared to March's production. After adjusting for the number of days in the month, the operating rate of aluminum rod plants in April reached 63.16%, up 6.77% MoM and 5.06% YoY. The main reasons were that downstream aluminum wire and cable industries entered the delivery cycle, with rigid demand releasing and in-plant inventory basically cleared. The advance production scheduling of orders significantly drove the improvement in operating rates. Meanwhile, as the center of aluminum prices pulled back, the market's buying sentiment was more optimistic compared to the same period last year, driving the improvement in operating rates on the supply side of aluminum rods.