【Daily Commentary on ADC12 Prices: Weak Demand Persists, Secondary Aluminum Prices Continue to Fall】Today, the SMM A00 aluminum price fell by another 240 yuan/mt from the previous trading day to 19,610 yuan/mt, while the domestic SMM ADC12 price decreased by 100 yuan/mt to the range of 20,200-20,400 yuan/mt.

[SMM Midday Review of Spot Aluminum: Aluminum Futures and Spot Prices Retreat Sharply, Stimulating Downstream Procurement Sentiment] Inventory side, according to SMM's domestic aluminum ingot inventory data from three locations, the total inventory of aluminum ingots in China on May 7 was 513,000 mt, with an inventory buildup of 200 mt compared to the previous day. In the short term, inventory is building up post-holiday, and with the transition from the off-season to the peak season, downstream demand is expected to weaken, and bearish sentiment is rising again. It is anticipated that the pace of inventory de-stocking will slow down or inventory buildup will continue, with spot discounts being the main form of transactions. Aluminum prices are expected to encounter resistance on the upside.

So, what was the actual situation of domestic aluminum ingot arrivals during the Labour Day holiday? According to SMM's latest statistics, the actual arrivals in the three regions during the holiday were approximately 56,000 mt, about 16,000 mt less than pre-holiday expectations and about 6,000 mt less than the same period last year. Specifically, the actual arrivals in Wuxi were 18,000 mt, in Foshan were 18,000 mt, and in Gongyi were approximately 20,000 mt, all lower than expected.

Despite the projections based on in-transit data and feedback from multiple sources before the Labour Day holiday that domestic aluminum product arrivals during this year's Labour Day holiday would likely exceed those of the same period last year, attention should be paid to the risk of periodic inventory buildup caused by concentrated arrivals during the holiday. Looking back at the pre-holiday expectations, the Gongyi and Foshan regions were expected to face relatively severe pressure from concentrated arrivals after the holiday, while the Wuxi region would experience relatively milder pressure. So, what was the actual situation of domestic aluminum ingot arrivals during the Labour Day holiday? According to the latest statistics from SMM, the actual arrivals in the three regions during the Labour Day holiday amounted to approximately...

According to SMM data, the average tax-inclusive full cost of China's aluminum industry was 16,386 yuan/mt in April 2025, down 3.7% MoM and 0.9% YoY, primarily due to a significant pullback in alumina prices during the period. SMM data showed that the monthly average SMM Alumina Index was 2,954.95 yuan/mt during the period (March 26-April 25), down 10.62% MoM. The average spot price of SMM A00 aluminum was approximately 20,074 yuan/mt in April 2025 (March 26-April 25), with the domestic aluminum industry achieving an average profit of about 3,688 yuan/mt.

[SMM Analysis: Alumina Prices Pull Back Significantly, with Aluminum Costs Down 3.7% MoM in April] SMM reported on May 6: According to SMM data, the average tax-inclusive full cost of China's aluminum industry was 16,386 yuan/mt in April 2025, down 3.7% MoM and 0.9% YoY. The main reason was the significant pullback in alumina prices during the period. SMM data showed that the monthly average SMM Alumina Index was 2,954.95 yuan/mt during the period (March 26-April 25), down 10.62% MoM. The average spot price of SMM A00 aluminum was approximately 20,074 yuan/mt in April 2025 (March 26-April 25), with the average profit of China's aluminum industry at around 3,688 yuan/mt.