According to SMM statistics, in terms of domestic aluminum billet inventory in two regions, Guangdong's aluminum billet inventory was 90,800 mt, and Wuxi's aluminum billet inventory was 27,000 mt, totaling 117,800 mt, a decrease of 6,500 mt MoM. Today, aluminum prices broke through the 20,000 yuan mark, and processing fees were under pressure and weakened. Although there was some rigid demand for restocking before the holiday, downstream buyers mainly drove down prices and purchased as needed. Suppliers actively adjusted prices to promote transactions, and overall transactions were conducted with volume discounts. Notably, due to delayed arrivals, small billets in the Nanchang market were in short supply, and processing fees significantly increased against the trend. Today, the Foshan aluminum billet market quoted 260/310, down 30; the Wuxi market quoted 280/350, unchanged; and the Nanchang region quoted 270/450, down 10/up 120. (Unit: yuan/mt)

April 25th News: According to SMM statistics, on April 25th, the aluminum ingot inventory in Guangdong was 239,800 mt, in Wuxi was 212,500 mt, and in Gongyi was 78,800 mt. The total inventory in these three locations was 531,100 mt, a decrease of 6,400 mt compared to the previous trading day.

SMM Aluminum Morning Meeting Summary: Improved Macro Sentiment and Fundamental Support Keep Aluminum Prices Fluctuating at Highs. Macro-wise, the domestic positive macro atmosphere remains unchanged. Yesterday, Trump indicated a potential reduction in tariffs on China, boosting market sentiment and stimulating a rebound in the futures market. Fundamentally, the reduction in domestic aluminum ingot inventory supports aluminum prices, but suppliers are actively offloading goods, leading to a pullback in spot premiums. In terms of aluminum consumption, the operating rate in the aluminum wire and cable sector is favorable, while other sectors show a slight weakening. SMM has learned that as the transition between peak and off-peak seasons approaches and the PV installation rush nears its end, downstream aluminum orders are expected to decline, limiting the potential for a significant upward movement in aluminum prices. In the short term, domestic aluminum prices are expected to fluctuate within a narrow range.

【SMM Aluminum Downstream Weekly Survey: Uneven Operating Rates Downstream, Policy Disturbances Accelerate Aluminum Processing Structure Adjustment】This week, the operating rate of leading aluminum downstream processing enterprises in China increased by 0.1 percentage points WoW to 62.5%.

SMM Aluminum Price Weekly Review: Improved Macro Sentiment and Pre-Holiday Destocking Lead to Generally Stable SHFE Aluminum with Slight Rise

On April 24, aluminum prices continued to hold up well, but processing fees remained under pressure, mainly due to suppliers actively lowering quotations to promote transactions, while downstream maintained a strategy of driving down prices for purchases. By region, processing fees in Foshan were quoted at 290/340 yuan/mt, down 30 yuan/mt WoW; in Wuxi, they were quoted at 280/350 yuan/mt, down 30 yuan/mt and 10 yuan/mt respectively; in Nanchang, they fell to 280/330 yuan/mt, down 30 yuan/mt WoW. Recently, the regional aluminum price spread narrowed, and aluminum billet processing fees in the three regions fluctuated rangebound around 300 yuan/mt. The current rebound in aluminum prices has compressed downstream profits, and the ample supply in the market has not changed, limiting the upside room for processing fees in the short term. If aluminum prices rise rapidly after the holiday, it may further intensify downstream wait-and-see sentiment, leading to increased pressure on processing fees.