Overnight, the alumina futures 2505 contract fluctuated rangebound. After opening, it edged up to 2,991 yuan/mt before coming under pressure and pulling back, hitting a low of 2,924 yuan/mt and finally closing at 2,962 yuan/mt, up slightly by 6 yuan/mt. From the perspective of technical indicators, the closing price of 2,962 yuan/mt was exactly in line with MA5 (2,962.4), indicating that short-term moving average support remained temporarily effective, while the overhead resistance from MA10 (2,993.5) was evident; meanwhile, MA2889.47, as the medium and long-term moving average, remained below. Trading volume decreased by 101,000 lots from the previous day, while open interest increased by 4,679 lots, indicating that divergence between bulls and bears intensified somewhat, capital inflow willingness strengthened, but trading activity declined. In the short term, the market was expected to continue fluctuating and consolidating around the moving average system, awaiting new drivers to break the deadlock.

SMM, March 17: Aluminum ingot: Today, sentiment in the Foshan A00 spot aluminum market recovered moderately. The rebound in early-session futures prices drove spot prices higher, and suppliers took the opportunity to accelerate cashing out. Traders showed moderate willingness to purchase, while major players held prices firm in procurement, but downstream buyers were unwilling to rush to buy amid continuous price rise. In the afternoon, futures moved downward, buyers turned cautious, and transactions started steady before weakening, with overall performance showing a mild rebound. Aluminum billet: Today, the average processing fees for SMM 6063 aluminum billet (Guangdong) were 70 yuan/mt for Φ90/100 and 20 yuan/mt for Φ120 and above, down 80 yuan/mt from yesterday. The rise in the base price caused processing fees to continue to decline, while weaker intraday futures prices intensified downstream bearish sentiment, with procurement mainly driven by immediate needs. After futures surged and then pulled back, offers were lowered accordingly. Market inquiries were scarce, transactions were sluggish, and even volume discounts remained ineffective in stimulating deals.

Alumina Transaction: On March 13, 2026, 30,000 mt of alumina were transacted outside China at a transaction price of $332/mt CIF China, for March shipment.

Alumina Transactions: On March 13, 2026, 30,000 mt of alumina was transacted outside China at a transaction price of $298/mt FOB Western Australia, with shipment scheduled from late March to early April.

Alumina Transaction: On March 13, 2026, 30,000 mt of alumina was transacted outside China at a transaction price of $297/mt FOB Western Australia, for March shipment.

SMM, March 17: The SHFE aluminum 04 contract opened higher and extended gains today, with strong bullish sentiment in the market. Sellers held prices firm, buyers showed greater price acceptance, and purchasing enthusiasm also increased. Today, mainstream quotations and transaction prices in the market were concentrated at -10 yuan/mt to +10 yuan/mt. Today, the east China market shipment sentiment index was 3.12, down 0.05 MoM; the purchasing sentiment index was 2.7, up 0.04 MoM. Today, futures prices opened lower and moved higher. Before the opening, quotations in the central China market were relatively high, mainly at discounts of 320-330 yuan/mt against the SHFE aluminum 04 contract, then prices gradually declined. Traders maintained strong bullish sentiment and high enthusiasm for purchase, with overall trading volume relatively large. As suppliers basically finished shipments, circulating spot availability became tight, and market quotations continued to rise, but the transaction scale was relatively small. In the end, the actual transaction price range in the central China market was around 10 yuan below the central China price to 40 yuan above the central China price. Today, the central China market shipment sentiment index was 2.6, down 0.02 MoM; the purchasing sentiment index was 2.38, up 0.02 MoM. Inventory side, aluminum ingot inventory in major consumption regions increased by 4,000 mt MoM today, with the inventory buildup mainly coming from Guangdong and Gongyi. In the short term, after the Chinese New Year, aluminum ingot inventory has continued its seasonal buildup. Affected by bullish market sentiment, premiums are expected to maintain a narrowing trend.