Aluminum prices edged down today, spot market weakened [SMM South China aluminum spot daily review]

Published: Sep 24, 2026 11:51 (GMT+8)

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SMM, September 24:

Aluminum prices edged down today, and the spot market weakened. Inventory continued to draw down, and combined with expectations of a weakening spot-futures price spread, market participants initially held prices firm while slowing sales. However, with month-end approaching, the need to cash out before the holiday remained the dominant driver, and holding prices firm was largely intended to leave room for subsequent downward adjustments. Demand-side phased stockpiling was essentially complete, and the procurement pace slowed. Combined with a cautious stance on the spot-futures price spread trend, willingness to take positions beyond rigid demand was limited, lacking incremental support. Ultimately, spot circulation shifted to oversupply, quotes were lowered repeatedly, and most transactions were concluded at actual discounts, with overall trading activity weak. Spot transaction prices were concentrated at a premium of 250-290 yuan/mt over the SHFE aluminum 2610 contract.

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