Macro Bearish SHFE Aluminum Fluctuates Downward Spot Aluminum Stands Firm on Quotes [SMM Spot Aluminum Noon Review]

SMM Mar 25 – Under a bearish macro backdrop today, the futures market had limited upward momentum, with SHFE aluminum fluctuating downward. Absolute prices were relatively low, and suppliers stood firm on quotes for sales. Downstream buyers stocked up at lower prices, improving market transactions. Specifically, in east China, traders sold at higher prices, with SMM A00 offered at +10 yuan/mt. Today, SMM A00 was at a discount of 20 yuan/mt against the SHFE 2504 contract, and SMM A00 aluminum ingot was recorded at 20,660 yuan/mt, unchanged from the previous trading day. In the central China market, due to relatively low absolute prices, transactions improved, with deals made around +10. SMM central China A00 was recorded at 20,570 yuan/mt against the SHFE 2504 contract, up 10 yuan/mt from the previous trading day, and the price spread between central China and SHFE was -90 yuan/mt. Inventory-wise, according to SMM's data on domestic three-region aluminum ingot social inventory, the inventory in major domestic consumption areas on March 25 was 690,700 mt, down 5,800 mt MoM. In the short term, with peak season and PV rush for installations stimulating demand, social inventory is expected to continue destocking. Additionally, with fewer arrivals in major consumption areas like Wuxi, the premiums and discounts in the spot market may narrow. Data source: SMM 》Subscribe to view SMM metal spot historical prices