SMM News on April 29:
On April 29, SMM A00 aluminum was reported at 20,020 yuan/mt, up 70 yuan/mt from the previous trading day, trading at parity with the May contract, unchanged from the previous trading day. On the same day, SMM A00 aluminum (Foshan) was reported at 19,940 yuan/mt, up 50 yuan/mt, trading at a discount of 75 yuan/mt to the current month, widening by 15 yuan/mt. (Unit: yuan/mt)
According to SMM statistics, in terms of domestic aluminum billet inventory in two regions, aluminum billet inventory in Guangdong was 86,300 mt, and that in Wuxi was 21,700 mt, totaling 108,000 mt, a combined decrease of 100 mt MoM. This morning, the most-traded SHFE aluminum contract continued to fluctuate at highs, with aluminum prices in east China rebounding above 20,000 yuan/mt again. As the Labour Day holiday approached, suppliers held firm on processing fee quotes, and downstream demand for stockpiling before the holiday increased, leading to improved market trading sentiment. In addition, some suppliers were cautious about shipping due to cost side and holiday factors, and the shortage of 90 aluminum billets in the Nanchang region of east China widened the processing fee spread. Today, the processing fee quotes in the Foshan aluminum billet market were 330/380 yuan/mt; in the Wuxi market, the quotes were 350/450 yuan/mt; and in the Nanchang region, the quotes were 400/450 yuan/mt. (Unit: yuan/mt)
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