As of July 30, China’s aluminum ingot inventory in major consumption areas stood at 953,000 mt. Cumulative destocking from the YTD high of 1.465 million mt in early May has reached 512,000 mt (-35%), with an additional accelerated destocking of 53,000 mt this week, breaking below the 1 million mt threshold as expected. However, the directional divergence between warehouse withdrawals and inventory has raised concerns...

As of July 30, China's major consumption regions reported aluminum ingot inventory of 953,000 mt, having cumulatively destocked 512,000 mt (-35%) from the year's high of 1.465 million mt in early May. Within the week, destocking accelerated further by 53,000 mt, as expected falling below the 1 million mt mark. However, the directional divergence between warehouse withdrawals and inventory drew attention: weekly warehouse withdrawals pulled back to 127,700 mt, losing the advantage of being at a high for the same period in the past four years. The core driving force of this destocking round has shifted from "demand and warehouse withdrawal boost" in June to "supply contraction + slowdown in shipment pace": the proportion of liquid aluminum rose to 78.3% in July, with casting ingot volume down 15.1% YoY; a sharp drop in arrivals in South China pushed Foshan's premium wider by 50 yuan/mt in a single week to 115 yuan/mt; SMM believes...

[SMM Aluminum Flash] Recently, the groundbreaking ceremony for the annual 300,000 mt prebaked anode project was held at the Shuicheng Economic Development Zone in Liupanshui City. The project is jointly constructed by Sunstone Development Co., Ltd. and Guizhou Aluminum Group Co., Ltd., marking the entry of the strategic cooperation between the two parties into the construction phase and serving as a key measure for Sunstone Development to optimize its capacity layout in Southwest China.

​​​​​​​Falling nickel benchmarks, a fragmented overseas supply base and a Malaysian enforcement crackdown lift India's stainless scrap imports 11.4% while pushing the average import price down 6.6% in the 12 months to February 2026

As of this Friday, SiMn 6517 (cash) was 5,650-5,700 yuan/mt in north China, flat WoW; in south China, SiMn 6517 (cash) was 5,700-5,750 yuan/mt, unchanged WoW from last Friday; south China SiMn 6014 (cash) was 5,350-5,400 yuan/mt, flat WoW. Recently, SiMn futures moved sideways in a weak trend, market sentiment was heavily cautious, prices fell, and futures prices were basically in sync with spot prices.

July 31 report: North China ports: 46% Australian lumps 40.5-41 yuan/mtu, down WoW; South African semi-carbonate 33.5-34 yuan/mtu, down WoW; Gabonese 38.3-38.7 yuan/mtu, down WoW; South African high-iron 28.8-29.3 yuan/mtu, down WoW; South African medium-iron 36-36.5 yuan/mtu, flat WoW. South China ports: 46% Australian lumps 42.9-43.4 yuan/mtu, flat WoW; South African semi-carbonate 36.5-37 yuan/mtu, down WoW; Gabonese 41.1-41.6 yuan/mtu, up WoW; South African high-iron 31.2-31.7 yuan/mtu, down WoW; South African medium-iron 38-38.5 yuan/mtu, flat WoW. Manganese ore prices continue to grind lower, end-use demand remains weak, and it is common for traders to sell at lower prices.