SMM Secondary Aluminum Report: Futures Up, Spot Steady Amid Weak Demand

Published: Jan 19, 2026 17:30

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[SMM Secondary Aluminum Daily Report] Futures side, the aluminum alloy 2603 contract opened today at 22,750 yuan/mt, with the overall futures hovering around the 22,800 yuan/mt level. The intraday high reached 22,920 yuan/mt, and it hit bottom at 22,730 yuan/mt, finally closing at 22,890 yuan/mt, up 155 yuan/mt or 0.68% from the previous close, mainly driven by bears reducing positions. Spot market, supported by firm costs, low inventory, and bullish expectations, the secondary aluminum market saw most producers holding quotes steady and adopting a wait-and-see approach. The SMM ADC12 price held steady at 23,900 yuan/mt. Demand side, affected by the decline in aluminum prices, the wait-and-see sentiment intensified. Although some die-casting enterprises restocked due to rigid production needs, driving a marginal recovery in inquiries and purchase willingness, actual transactions remained sluggish due to losses downstream. Some enterprises have already reduced or halted production, and pre-holiday stockpiling was weak.

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