In a volatile fusion of tariff tensions, supply chain snarls, and shifting trade dynamics, US aluminium import costs have surged to multi-year highs, reshaping the metals market and sending shockwaves through American manufacturing.

[SMM Midday Review of Spot Aluminum: SHFE Aluminum Futures Market Volatile After Holiday, Overall Spot Transactions Remain Average] Inventory side, according to SMM's domestic aluminum ingot inventory data, the three-region inventory of domestic aluminum ingots stood at 636,000 mt on May 6, showing an inventory buildup of 22,000 mt compared to the pre-holiday level. In the short term, with inventory buildup after the holiday and the transition between peak and off-peak seasons, downstream orders have slightly decreased, and bullish sentiment has resurfaced. It is expected that the pace of inventory de-stocking will slow down or inventory buildup will continue, with spot discount transactions being the main trend.

China, the leading alumina and aluminium producer, heavily relies on imported bauxite, which surged to 57 per cent in 2024, owing to declining domestic ore grades and export restrictions from Indonesia.

SMM's monthly production data for base metals is released at the end of each month, aiming to uncover the true fundamentals for industry chain professionals and investors, and providing a clearer grasp of the future direction of the non-ferrous metal market.

Details of the hot topics in the aluminum market this week (April 25-29, 2025) are as follows......

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Driven mainly by pre-holiday restocking demand, and with the slower pace of arrivals since the second half of April, coupled with the temporary end of disruptions from imported supplies, the destocking of domestic aluminum ingot inventory accelerated again by the end of April, approaching the 600,000 mt mark, providing a certain degree of upward support for aluminum prices before the holiday. According to SMM statistics, as of April 30, the inventory of aluminum ingots at major domestic consumption hubs stood at 614,000 mt, down 29,000 mt from Monday this week, with a destocking of 44,000 mt WoW from Thursday, and a decrease of 177,000 mt YoY, remaining at a relatively low level compared to the same period in the past three years. In terms of outflows from warehouses...