Aluminum Ingot Inventory in China Shows Steady Decline, Supporting Prices

Published: May 8, 2025 15:13

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According to SMM statistics, as of May 8, the inventory of aluminum ingots in China's major consumption areas stood at 620,000 mt, a decrease of 16,000 mt from Tuesday this week and an increase of 6,000 mt WoW from before the holiday (April 30). Overall, the performance of domestic aluminum ingot inventory during the Labour Day holiday was slightly better than expected, with the overall inventory buildup being manageable. The fundamentals did not exert significant downward pressure on aluminum prices after the holiday. In just two days after the holiday, domestic aluminum ingot inventory continued to destock, indicating that domestic aluminum consumption still demonstrated strong resilience during the critical transition phase between the low and peak seasons, providing notable short-term support for aluminum prices. For the time being, SMM remains cautiously optimistic, anticipating that domestic aluminum ingot inventory will continue to exhibit a trend of steady and slight decreases in the first half of May, operating within the range of 600,000-650,000 mt.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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