SHFE aluminum stabilizes at highs, spot aluminum continues destocking with flat premiums [SMM Aluminum Spot Midday Review]

Published: Sep 7, 2026 14:02

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SMM, September 7:

SHFE aluminum futures were largely unchanged from the previous trading day today, with the center gradually rising in early trading, while spot market transaction prices showed signs of weakening under pressure. However, weekend destocking was solid, and quotes were mostly firm at the open. Early spot transactions were concentrated at a premium of 20 yuan/mt against the SHFE aluminum 2609 contract. Mainstream A00 aluminum ingot transactions today ranged from parity to a premium of 40 yuan/mt.

Aluminum futures rallied again in the night session. In the central China market, pre-open quotes were relatively low, and traders tended to restock heavily at deep discounts. With Friday approaching, downstream processing enterprises showed recovering sentiment for purchasing and stockpiling, and overall market trading sentiment recovered, driving quotes gradually higher. Final transaction prices in the central China market were centered around a discount of 110-150 yuan/mt against the SHFE aluminum 09 contract.

On the inventory side, aluminum ingot inventory in major consuming regions fell by 7,500 mt MoM today, with all three regions showing destocking.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

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