Customs data showed that China's aluminum wire and cable exports reached 22,500 mt in March 2025, up 47.2% MoM and surging 59.9% YoY. Cumulative exports from January to March totaled 61,500 mt, up 19% YoY from 51,600 mt in the same period of 2024 (HS codes: 76141000, 76149000). Notably, the monthly YoY growth rate was 40 percentage points higher than the overall quarterly growth rate. In addition to sustained growth in overseas demand, domestic enterprises resumed operations, and the rebound in exports was driven by the off-season in domestic demand.

Entering Q2, refinery maintenance further increased, and domestic supply continued to decline. However, with the arrival of previously shipped goods, port petroleum coke inventories began to enter a buildup cycle. Demand-side performance was weak, with downstream enterprises lacking purchasing motivation, and US-China trade frictions also cooled traders' buying sentiment, creating a strong wait-and-see atmosphere. However, considering shipping schedules and the arrival of previous orders, SMM expects petroleum coke imports in Q2 to still increase MoM. In the long term, with the continuation of trade frictions and further adjustments in domestic market supply and demand, subsequent petroleum coke imports are expected to decline.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 25 Apr, 2025

Details of the hot topics in the aluminum market this week (April 21-24, 2025) are as follows...

【ADC12 Price Daily Review: Aluminum Prices Rise for Three Consecutive Days, Upward Pressure on Secondary Aluminum Prices Remains】 Aluminum prices continued their rebound today, with the SMM A00 aluminum price increasing by 90 yuan/mt to 19,980 yuan/mt compared to the previous trading day. The domestic SMM ADC12 price remained stable in the range of 20,500-20,700 yuan/mt.