High aluminum prices suppress orders of PV extrusion manufacturers [SMM Analysis]

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SMM June 19 News:

PV aluminum extrusion: This week, the operating rates of sample PV frame enterprises continued to diverge. Despite high aluminum prices, downstream module manufacturers' purchase sentiment remained weak. Although some leading PV frame extrusion enterprises in east China, southwest China, and Hebei maintained stable operating rates with orders on hand, SMM learned that small and medium-sized PV frame extrusion enterprises in Henan and east China saw further declines in operating rates, with orders on hand insufficient for one week.

Raw material prices: During the period (June 16-19, 2025), the average spot aluminum price center moved upward. The weekly average price of SMM A00 was 20,730 yuan/mt, up 1.84% from the previous week. Macro-wise, domestic positive sentiment persisted while overseas macro uncertainties remained. Fundamentally, better-than-expected domestic aluminum ingot inventory drawdown supported aluminum prices and spot premiums. Some industries already showed signs of off-season weakness, but the overall decline was milder than expected, indicating resilient demand. Inventory and demand changes warrant close monitoring next week. The most-traded SHFE aluminum contract is expected to trade around 20,000-20,500 yuan/mt, while LME aluminum may range between $2,430-2,490/mt.

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