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Dual Impact of Production Cuts and High Prices Weakens Spot Aluminum Transactions [SMM Spot Aluminum Midday Review]
Mar 10, 2025, at 11:47 am
[SMM Spot Aluminum Midday Review: Dual Impact of Production Cuts and High Prices Weakens Spot Aluminum Transactions]
Inventory side, according to SMM data on domestic aluminum ingot social inventory, as of March 10, aluminum ingot inventory in major domestic consumption areas stood at 868,000 mt, with a further destocking of 3,000 mt WoW. Inventory in major consumption areas continued to decline, but due to high absolute prices, downstream buyers were cautious and slowed their procurement. Spot premiums/discounts lacked upward momentum, and it is expected that market premiums/discounts will remain stable this week.
SMM, March 10 - SHFE aluminum front-month contract fluctuated at highs during the early trading session today. Downstream buyers remained cautious and made limited purchases, while trading among traders was moderate. Additionally, in central China, downstream demand weakened due to production restrictions.
Specifically, in east China, trading among traders was average, with downstream buyers hesitant to purchase at high prices and only purchasing as needed. Spot discounts remained flat compared to the previous trading day. Today, SMM A00 aluminum ingot was at a discount of 50 yuan/mt against the SHFE 2503 contract, with SMM A00 aluminum ingot prices recorded at 20,770 yuan/mt, down 70 yuan/mt from the previous trading day. In the central China market, trading was moderate today, mainly due to high aluminum prices and further production restrictions imposed on downstream sectors, leading to weaker purchasing demand. Transactions were mostly made at a discount of 10 yuan/mt against central China prices. SMM central China A00 aluminum ingot prices were recorded at 20,640 yuan/mt, down 80 yuan/mt from the previous trading day, with the Henan-Shanghai price spread at -130 yuan/mt, unchanged.
Inventory-wise, according to SMM domestic aluminum ingot social inventory data, domestic mainstream consumption areas recorded an aluminum ingot inventory of 868,000 mt on March 10, with a further destocking of 3,000 mt WoW. While inventory in mainstream consumption areas continued to decline, high absolute prices kept downstream buyers cautious, limiting purchases. Spot premiums and discounts showed no upward momentum and are expected to remain stable this week.
Source: SMM
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