[SMM Spot Aluminum Midday Review: Aluminum Market Dips in Early Trading, Spot Trades See Limited Improvement]

【Premiums and Discounts of Aluminum Ingots by Region】The premiums and discounts of aluminum ingots by region on April 28, 2025, are as follows:

SMM News on April 28: According to SMM statistics, the total outflows from warehouses of domestic aluminum ingots during the period from April 21 to April 27 were 138,800 mt, representing a MoM decrease of 3,300 mt.

On Thursday, April 24, 2025, US President Donald Trump signaled a possible easing of trade tensions with China, boosting market sentiment. As a result, aluminium price has grown in India by 1.32 per cent to INR 234.5 (USD 2.75).

For the past two decades, China has dominated the global aluminium landscape with unparalleled force.

The global alumina market has endured a dramatic roller‑coaster in early 2025, witnessing a severe price slump in the first quarter and a raft of fresh supply hitting the market in the recent weeks.

April 28 News: According to SMM statistics, as of April 28, the inventory of aluminum ingots at major domestic consumption hubs stood at 643,000 mt, a decrease of 15,000 mt from last Thursday and a decline of 30,000 mt WoW from last Monday.

April 28 news: According to SMM statistics, as of April 28, the inventory of aluminum billets in major domestic consumption areas stood at 162,600 mt, a decrease of 15,200 mt compared to last Thursday.

On Friday evening, LME copper opened at $9,375.5/mt. It initially dipped to $9,350/mt, fluctuated considerably during the session, hitting a high of $9,401.5/mt, and closed at $9,360/mt after continued fluctuations, marking a 1% decline.

[SMM Aluminum Morning Meeting Summary: Domestic Policy Tailwinds Coexist with Demand Concerns, Aluminum Market to Remain Volatile Before the Holiday] From a macro perspective, a series of relevant policies introduced domestically have played a positive role in stabilizing the real estate market, and the favorable domestic macroeconomic atmosphere remains unchanged. In overseas markets, Trump's policy stance has been erratic, and there are still many uncertainties from his stance to the implementation of policies. On the fundamental side, the cost side of the aluminum industry has remained stable, while the demand side has shown signs of structural recovery. Benefiting from the continuous influx of new orders in May, there has been an increase in stocking demand for raw materials such as aluminum ingots and aluminum billets before the holiday. The reduction in domestic aluminum ingot inventory has provided support for aluminum prices, but suppliers have been actively selling at higher prices, leading to a pull back in spot premiums. Overall, it remains to be seen whether substantive easing in Sino-US trade can be achieved, and short-term bullish-bearish imbalances are still evident. As the transition between the off-season and peak season approaches and the PV installation rush nears its end, downstream aluminum orders are expected to decline, and there is insufficient momentum for aluminum prices to rise sharply again. It is expected that domestic aluminum prices will remain volatile before the holiday.