SMM

Regarding aluminum billet inventory, according to the latest data from SMM, as of March 27, 2025, the domestic social inventory of aluminum billets stood at 272,000 mt, down 16,000 mt WoW from last Thursday and down 12,500 mt WoW from Monday. In terms of outflows from warehouses, with the peak consumption season of "Golden March and Silver April" in full swing, the performance of profile orders has been commendable. Coupled with the pullback in the center of aluminum prices, last week's outflows from warehouses of aluminum billets reached 62,200 mt, hitting a new high for the year and effectively driving down aluminum billet inventory. This week, aluminum prices continued to adjust, and with downstream consumption fully released at current price levels, the destocking performance of aluminum billet inventory remained stable. SMM believes that the logic of marginal strengthening in terminal restocking momentum has not changed, and it is expected that domestic aluminum billet inventory will continue to decline steadily in the first half of April, with April's aluminum billet inventory likely to pull back to the range of 200,000-250,000 mt.