Aluminum Prices Fluctuate Rangebound, Aluminum Scrap Largely Stable [Daily Review of Aluminum Scrap]

SMM April 23 News: Spot primary aluminum rebounded by 30 yuan/mt compared to the previous trading day, with SMM A00 spot aluminum closing at 19,910 yuan/mt. The overall aluminum scrap prices remained largely unchanged from the previous trading day. As the peak season is about to end, orders were affected by marginal demand decline, and raw material purchasing was maintained as needed. Today, the concentrated quotation for baled UBC aluminum scrap was 14,950-15,550 yuan/mt (excluding tax), while shredded aluminum tense scrap was quoted at 15,850-17,350 yuan/mt (excluding tax). By product, the supply of shredded aluminum tense scrap and wheel hub removed from vehicle was tight, and overall prices remained at high levels, thus staying flat compared to the previous trading day. In the short term, the current high aluminum scrap prices are mainly due to the low operating rates of downstream scrap utilization enterprises and the tight domestic circulation of aluminum tense scrap, which supports aluminum scrap prices. In terms of price differences, the price difference between A00 aluminum and mechanical casting aluminum scrap in Shanghai was 1,791 yuan/mt, while the price difference between A00 aluminum and mixed aluminum extrusion scrap free of paint in Foshan was 1,588 yuan/mt, mainly showing narrow adjustments.