Latest Update in the SMM Aluminum Market

Regarding aluminum billet inventory, despite the off-season, the decline in aluminum prices last week did not significantly improve pick-up from warehouses.

On July 25, 2024, SMM reported that the total social inventory of aluminum ingots was 790,000 mt, (the amount for sale stood at 664,000 mt), down 7,000 mt WoW and 2,000 mt from July 22, but it is still 254,000 mt higher YoY.

In June 2024, the domestic import volume of primary aluminum decreased by 23.22% MoM to 121,200 mt, up 35.61% YoY; the domestic export volume of primary aluminum in June was approximately 7,000 mt, down 78.68% YoY; the net import volume of primary aluminum in June 2024 was 114,200 mt, up 102.5% YoY, down 24.41% MoM.

This week, the macro front released some bullish information but met market expectations.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on Jul 26, 2024

Overnight, LME copper opened at $9,000/mt, dipping to $8,996.5/mt at the beginning of the session, then fluctuating upwards to a high of $9,169.5/mt, and closed at $9,091/mt, up 0.45%.

We are delighted to announce the upcoming IBAAS-IIM 2024 International Bauxite, Alumina & Aluminium Conference & Exhibition, set to take place during September 25-27, 2024 in the beautiful Goa, India.

Vedanta Aluminium, India’s largest aluminium producer, in partnership with NITI Aayog and leading national institutions, recently hosted a high-level stakeholder meeting to identify sustainable applications for red mud, a key byproduct in the bauxite refining process for making aluminium.