Limited Boost from Futures Market's High Opening, Trading in South China Aluminum Market Remains Sluggish [SMM South China Spot Aluminum Daily Review]

SMM February 24 news:

Aluminum ingot: On February 24, SMM A00 aluminum (Foshan) was quoted at 23,470 yuan/mt, up 260 yuan/mt, at a discount of 55 yuan against the front-month contract. Prices rose on the first day after the holiday, with suppliers holding back sales to hold prices firm. However, as the market was still in the early stages of resuming operations, downstream users and traders showed weak restocking interest. Spot follow-up was insufficient, with few high-priced deals accepted, and overall transactions were sluggish.

Aluminum billet: On February 24, the average processing fees for SMM 6063 aluminum billets (Guangdong) were 180 yuan/mt for Φ90/100 specifications and 130 yuan/mt for Φ120 and above. Processing fees remained high. Downstream operations had not fully resumed, and purchasing was mainly characterized by pushing for lower prices through inquiries. Manufacturers offered small concessions, but market activity was sluggish.