Latest Update in the SMM Aluminum Market

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on Sep 13, 2024

LME copper opened at $9,247.5/mt overnight, quickly reached a high of $9,260/mt in early trading, then fell to an intraday low of $9,172.5/mt, and finally fluctuated rangebound to close at $9,207.5/mt, up 0.76%.

SMM, Sep 13: Overnight, the most-traded SHFE aluminum 2410 contract opened at 19,750 yuan/mt, with the highest at 19,785 yuan/mt, the lowest at 19,710 yuan/mt, and closed at 19,745 yuan/mt, an increase of 20 yuan/mt, up by 0.10%.

In mid-August, domestic aluminum ingots began to drop.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on Sep 12, 2024

According to the General Administration of Customs of China, China imported 15.0007 million mt of bauxite in July 2024, up 12.49% MoM. This was also up 16.50% YoY, marking another historical high for monthly imports.

Supply side: In August, domestic aluminum supply remained stable overall, with no significant capacity changes. Sichuan experienced power shortages during the month, but aluminum enterprise production was not affected.

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