Aluminum prices fell, and baled UBC prices followed suit, dropping by 100 yuan/mt [Daily Review of Aluminum Scrap]

SMM reported on July 7:

Today, the spot price of primary aluminum fell by 130 yuan/mt compared to the previous trading day. SMM A00 aluminum ingot prices closed at 20,640 yuan/mt, and aluminum scrap market prices adjusted downward overall. Currently in the traditional off-season, downstream scrap utilization enterprises have weak order releases, with procurement mainly driven by immediate needs.

Today, the centralized quoted price for baled UBC aluminum scrap ranges from 15,200 to 15,700 yuan/mt (tax not included), while the centralized quoted price for shredded aluminum tense scrap ranges from 15,800 to 17,300 yuan/mt (tax not included). By product, baled UBC aluminum scrap prices fell by 100 yuan/mt MoM, following the downward trend of aluminum prices. By region, Shanghai, Jiangsu, Shandong, and other places closely followed aluminum price movements, with price adjustments ranging from 100 to 150 yuan/mt. Jiangxi, Foshan, Hunan, and other places lagged behind aluminum price movements, with quoted prices remaining unchanged from the previous trading day.

This week, the aluminum scrap market is expected to hover at highs, maintaining a cautious pricing stance. Supported by tight supply, shredded aluminum tense scrap prices are expected to remain resilient, fluctuating rangebound within the 15,800 to 17,400 yuan/mt range. Baled UBC aluminum scrap may continue its downward trend due to off-season demand pressures, potentially dipping to 15,200 to 15,700 yuan/mt. Subsequent developments require close attention to marginal changes in raw material circulation and signals of end-user order recovery.

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