In the early trading session today, the most-traded SHFE aluminum contract mainly fluctuated upwards. Transactions in East China were moderate, and spot discounts slightly narrowed. According to SMM statistics, aluminum ingot inventory in Wuxi (excluding Hangzhou, Changzhou, Haian, etc.) was 262,500 mt, down 900 mt from the previous trading day. The SMM A00 spot aluminium price was at a discount of about 70 yuan/mt to the 2406 contract, up 20 yuan/mt from the previous trading day, with spot prices recorded at 21,190 yuan/mt. In the second trading session, the market fluctuated and adjusted, with sellers mainly adjusting prices according to the market. Mainstream transactions in East China were at a discount of 10 yuan/mt to a premium of 20 yuan/mt to the SMM A00 spot aluminium price.
In the Central China region, spot transactions were moderate today. Recently, aluminum ingot pick-up in Gongyi has increased, with a noticeable destocking of aluminum ingots mid-week. According to SMM statistics, aluminum ingot inventory in Gongyi was about 89,200 mt, down 4,100 mt from the previous trading day. The SMM central China price was at a discount of about 140 yuan/mt to the 2406 contract, up 10 yuan/mt from the previous trading day, with the average spot price recorded at 21,120 yuan/mt. Mainstream spot transactions in the early trading session were at a discount of 10 yuan/mt to a premium of 10 yuan/mt to the SMM central China price.
Overall, according to SMM data, aluminum inventory on Thursday was 778,000 mt, down 3,000 mt from last Thursday and down 12,000 mt from Monday. Aluminum prices have been above 21,000 yuan/mt for nearly two weeks, and market acceptance of high aluminum prices has improved, with better receiving conditions and mid-week destocking of aluminum ingots. Spot discounts gradually narrowed. However, the resumption of production in Yunnan is ongoing, with more aluminum ingots arriving, and there are slight declines in orders across multiple sectors. Ingot production has increased, spot supply is relatively sufficient, and spot discounts may persist in the short term.
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