Aluminum Prices Continue to Rise, Spot Market Struggles at the Bottom [SMM South China Spot Aluminum Daily Review]

Published: Oct 22, 2026 11:33 (GMT+8)

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SMM, October 22:

Aluminum prices extended gains today, while the spot market struggled at the bottom. Nearby basis had weakened to varying degrees, and with significant destocking reappearing, many initially attempted to hold prices firm. However, with absolute prices rebounding from lows on one hand and the basis still not low compared with before the structure opened on the other, the need to sell for cash gradually became the dominant sentiment, making downward adjustments unavoidable, with mainstream quotes in the discount range. Buying interest entered the market steadily, but buyers generally only pushed for lower prices, providing moderate support but insufficient strength, making transactions less than ideal. Spot deals were concentrated at premiums of 165 yuan/mt to 205 yuan/mt against the SHFE aluminum 2611 contract.

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