SMM News on May 7:
On May 7, SMM A00 aluminum was reported at 19,610 yuan/mt, down 240 yuan/mt from the previous trading day, with a discount of 20 against the May contract, unchanged from the previous trading day. On the same day, SMM A00 aluminum (Foshan) was reported at 19,560 yuan/mt, down 220 yuan/mt, with a discount of 65 against the current-month contract, narrowing by 25. (Unit: yuan/mt)
According to SMM statistics, in terms of aluminum billet inventory in two domestic locations, the inventory of aluminum billet in Guangdong was 86,100 mt, and that in Wuxi was 20,700 mt, totaling 106,800 mt, an increase of 600 mt MoM. Aluminum prices plummeted sharply today. In the morning session, processing fees continued to rise uniformly, but downstream players generally expected prices to fall after the holiday and still focused on driving down prices and purchasing as needed. The lack of support for futures prices during the session also made it difficult for processing fees to rise further. Most suppliers actively adjusted prices to facilitate transactions. Overall, the increase in processing fees was limited, but transaction performance was moderate. Today, the processing fees in the Foshan aluminum billet market were reported at 430/480 yuan/mt, up 60 yuan/mt; in the Wuxi market, they were reported at 450/530 yuan/mt, up 0/30 yuan/mt; and in the Nanchang region, they were reported at 500/550 yuan/mt, up 50 yuan/mt. (Unit: yuan/mt)
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