June 23: SHFE aluminum pulled back under high-level pressure, and the inflection point of aluminum billet inventory formed, with weak market transactions [Daily Review of Spot Aluminum Billet]

SMM June 23 Report:

[SMM] On June 23, SMM A00 aluminum was quoted at 20,650 yuan/mt, down 70 yuan/mt from the previous trading day, with a premium of +160 yuan/mt over the July contract, narrowing by 20 yuan/mt from the previous trading day. On June 23, SMM A00 aluminum (Foshan) was quoted at 20,530 yuan/mt, down 60 yuan/mt, with a premium of 45 yuan/mt over the current month, narrowing by 5 yuan/mt (Unit: yuan/mt).

According to SMM statistics, on June 23, the aluminum billet inventory at major domestic consumption areas was 134,500 mt, an increase of 10,000 mt from Thursday and 13,000 mt WoW from last Monday. Today, there were initial signs of inventory buildup for aluminum ingots, with the spot market focusing more on selling. Spot prices in east China continued to face downward pressure and pulled back. Recently, the aluminum billet market has been affected by high aluminum prices combined with weakening downstream rigid demand, leading the aluminum billet inventory to enter an incremental phase and officially forming an inventory inflection point. Today, downstream players remained on the sidelines, with divergent market quotes. However, due to the decline in aluminum prices, the overall aluminum billet processing fees in the three domestic regions have shown some recovery, but market feedback still indicates mediocre transaction performance. As of June 23, 2025, the aluminum billet market in the Foshan region was quoted at 80/130 yuan/mt, unchanged; the aluminum billet processing fees in the Wuxi region were quoted at 120/160 yuan/mt, up 50 yuan/mt; and the processing fees in the Nanchang region were quoted at 50/100 yuan/mt, up 50 yuan/mt (Unit: yuan/mt).

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