SMM January 13 news:
In South China's aluminum ingot market, the average SMM A00 aluminum (Foshan) price on January 13 was 24,310 yuan/mt, down 80 yuan/mt on the day, at a discount of 45 yuan/mt against the front-month contract, unchanged from the previous day.Market sentiment turned bearish. Suppliers actively sold off goods to cash in while prices and the spot-futures price spread remained at relatively high levels. Offers were steadily lowered from -30 to -10 yuan/mt, leading to ample spot supply. Downstream buyers maintained just-in-time procurement. Traders shifted from a wait-and-see stance and pushing for lower prices to purchasing discounted goods to fulfill orders, stabilizing the bottom of transaction prices. Later, futures prices surged, prompting a few buyers to rush to buy amid continuous price rise. Overall transactions showed a supply-demand mismatch.
In South China's aluminum billet market, on January 13, the processing fees for SMM 6063 aluminum billets (Guangdong) of various specifications rebounded significantly. The average processing fee for Φ90/100 was -40 yuan/mt, while that for Φ120 and above was 10 yuan/mt, up 120 yuan/mt from the previous day.Processing fees were generally raised with price differences observed. After the base price fell, futures prices surged sharply during the session, stimulating some downstream buyers to rush to buy amid continuous price rise for restocking. Market offers fell first and then rose. However, overall purchasing momentum was limited, and the day's transactions were overall satisfactory.
