[SMM afternoon Review] South China Aluminum: traders' willingness to receive goods to enhance downstream stock is also positive.

Shanghai Unison Aluminum Co., Ltd. disclosed in its 2025 annual report that, in terms of Chinese market expansion, the company established strategic partnerships with high-end quality clients such as Xiaomi Auto, AITO, CATL, NIO, XPeng Motors, and BYD. In terms of international market development, the company successfully entered the supply chain systems of internationally renowned producers such as Tesla, Volvo, Stellantis, Volkswagen, and Audi, and had achieved volume supply to some clients, laying a solid foundation for continuously increasing its market share in markets outside China. As of the end of the reporting period, the company's cumulative orders on hand from awarded projects totaled approximately 33.867 billion yuan, of which ex-China business accounted for 29.30%.

[SMM Express] China's mainstream consumption areas saw secondary aluminum alloy ingot inventory increase by 1,009 mt from the previous day to 29,400 mt, with inventory buildup continuing across all regions.

[Domestic and LME Aluminum Prices Weakened in Tandem, Market Divergence Narrowed] Overall, geopolitical risks persisted outside China and the supply landscape tightened, providing fundamental resilience for LME; in China, high inventory combined with weak demand continued to constrain price rises. Recently, domestic and LME aluminum prices weakened in tandem, and the divergence between the two narrowed.