SMM January 23 news:
In South China's aluminum ingot market, the average SMM A00 aluminum (Foshan) price on January 23 was 24,150 yuan/mt, up 380 yuan/mt for the day, at a discount of 110 yuan/mt against the front-month contract, narrowing by 5 yuan/mt from the previous day.The low spot-futures price spread combined with bullish sentiment prompted suppliers to control the sales pace and hold prices firm, with offers at 0 to +10 yuan/mt, keeping circulation pressure manageable. Downstream users rushed to buy amid continuous price rise to restock, while traders actively purchased to fulfill orders and replenish input tax credits, resulting in good transaction performance. Later, as futures prices pulled back, suppliers lowered offers to -160 yuan/mt, but buyers' willingness to restock diminished, leaving the market with quoted prices but few actual deals.
In South China's aluminum billet market, the processing fees for various specifications of SMM 6063 aluminum billet (Guangdong) on January 23 pulled back, with the average for Φ90/100 at -30 yuan/mt and for Φ120 and above at -80 yuan/mt, down 130 yuan/mt from the previous day.Soaring base prices combined with intraday futures declines intensified downstream bearish sentiment, leading to aggressive pushes for lower prices and limited restocking demand. Under pressure, merchants lowered offers into discount territory, resulting in dismal overall transaction performance.
