Daily Review: Primary Aluminum Declines, Scrap Market Shows Resilience with Narrowing Price Gap

[Daily Review of Aluminum Scrap: Primary Aluminum Market Declines Again, Aluminum Scrap Shows Resilience, Price Difference Narrows]

SMM, November 28:

Today, the primary aluminum spot market declined again, with market pessimism prevailing and spot transactions weakening. The aluminum scrap market, however, showed relative resilience. Suppliers of aluminum scrap were reluctant to sell at low prices, largely maintaining stable quotations. Downstream secondary aluminum processing enterprises made purchases based on actual demand, with some enterprises increasing their procurement due to concerns about future tight supply of aluminum scrap. Quotations remained largely stable compared to yesterday. Today, SMM A00 spot aluminum closed at 20,400 yuan/mt, down 140 yuan/mt from yesterday. Domestic aluminum scrap followed with a decline in the range of 0-100 yuan/mt. Today, the concentrated quotation for baled UBC aluminum scrap was 15,100-15,600 yuan/mt (excluding tax), and the concentrated quotation for shredded aluminum tense scrap was 16,400-17,400 yuan/mt (liquid aluminum, excluding tax).