According to SMM statistics, the aluminum ingot inventory in Guangdong was 238,500 mt on April 25, while the inventory in Wuxi was 212,500 mt, and the inventory in Gongyi was 78,800 mt. The total inventory in these three regions was 529,800 mt, a decrease of 9,000 mt compared to the previous trading day. SMM believes that benefiting from the strong support of pre-holiday downstream demand for inventory preparation on outflows from warehouses, the destocking trend remained unchanged in late April. The domestic aluminum ingot inventory is expected to pull back to 600,000-650,000 mt by month-end, and the inventory in the three regions may decline to around 500,000 mt. However, attention should be paid to the risk of temporary inventory buildup due to concentrated arrivals during the Labour Day holiday.