May 22: SHFE aluminum prices continued to rise, but the performance of rigid demand was poor, and the transaction volume was not ideal [Daily Review of Spot Aluminum Billet Market]

SMM News on May 22:

On May 22, SMM A00 aluminum was reported at 20,360 yuan/mt, up 50 yuan/mt from the previous trading day, with a premium of +80 yuan/mt over the June contract, up 10 yuan/mt from the previous trading day. On May 22, SMM A00 aluminum (Foshan) was reported at 20,250 yuan/mt, up 40 yuan/mt, with a discount of 25 yuan/mt against the current month, narrowing by 5 yuan/mt (unit: yuan/mt).

According to SMM statistics, on May 22, the inventory of aluminum billets in major domestic consumption areas was 130,800 mt, down 7,400 mt from the previous Thursday, with inventory remaining at a low level compared to the same period in the past three years. Aluminum prices rose again today. In the morning session of the aluminum billet market on Thursday, suppliers attempted to refuse to budge on prices. Faced with the continuously rising base prices, downstream buyers mainly pressed for lower prices and adopted a wait-and-see approach, with weak rigid demand. Suppliers lowered their quotes during the trading session to realize cash, and overall transactions were not satisfactory. Today, the processing fees in the Foshan aluminum billet market were reported at 280-330 yuan/mt, unchanged; in the Wuxi market, they were reported at 300-350 yuan/mt, unchanged; and in the Nanchang region, they were reported at 270-320 yuan/mt, down 20 yuan/mt (unit: yuan/mt).

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