Operating Rates Continue to Diverge - Leading Enterprises Have Secured Orders for PV Frames in June, Providing Support for Operating Rates, While Operating Rates of Small and Medium-Sized Enterprises Continue to Weaken [SMM Analysis]

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SMM May 29 News:

PV aluminum extrusion: This week, the operating rates of sample PV frame enterprises continued to diverge. Some leading enterprises in east China maintained stable operating rates compared to last week, primarily benefiting from their collaboration with top-tier enterprises, as their production was not constrained by the 531 period. New orders for June have already been secured, supporting this week's production. Meanwhile, according to an SMM survey, some small and medium-sized enterprises in Anhui reported that as month-end approaches, their PV frame orders on hand can only sustain production until mid-June, with no follow-up orders secured yet. Their PV frame operating rates remain at a low level of 30-40%.

Raw material prices: During the period (May 26-29, 2025), the average spot aluminum price center shifted upward. The SMM A00 weekly average price stood at 20,320 yuan/mt, up 0.21% from the previous week. Overall, domestically, the favorable macro environment persists, while overseas macro uncertainties remain. Fundamentally, the better-than-expected drawdown of domestic aluminum ingot inventory has provided support for aluminum prices and spot premiums. Currently, some industries have shown signs of weakening in the off-season, but the overall decline is better than expected, with demand resilience still present. Subsequent focus should be on inventory and demand changes. Next week, the most-traded SHFE aluminum contract is expected to trade around 20,000-20,500 yuan/mt, while LME aluminum is projected to range between $2,430-2,490/mt.

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