SMM March 28 News: In early March, the LME cash-3M aluminum April Date Spread widened to $15/mt, as the LME cash-3M aluminum had maintained a backwardation structure for a long time. After the structure widened, the carry cost for suppliers increased, and downstream consumption weakened due to the deteriorating structure. Additionally, under the expectation of tariffs, buyers and sellers were cautious, and suppliers began to sell off, leading to a significant drop in MJP spot prices. SMM believes that the price spread between MJP Q2 and March MJP spot may be large, with the core reason being the change in the LME structure. With the recent structure reversal (Contango) and the continuous decline in the center of LME aluminum prices, suppliers' offers remained firm, and most spot aluminum prices in Asia are expected to rise slightly.