[SMM Flash News] SHFE data showed that as of March 25, the total registered volume of cast aluminum alloy warrants was 42,944 mt, down 2,519 mt from the previous trading day. By region, the total registered volumes were Shanghai (2,635 mt, down 120 mt), Guangdong (16,686 mt, down 571 mt), Jiangsu (3,608 mt, down 601 mt), Zhejiang (12,565 mt, down 1,107 mt), Chongqing (3,664 mt, down 60 mt), and Sichuan (1,267 mt, down 60 mt).

[SMM Aluminum Alloy Daily Review] Driven by the rebound in futures, the secondary aluminum alloy market saw quoted prices edge up today, with mainstream increases of 100 yuan/mt. Some enterprises raised prices accordingly to recover earlier losses, and market sentiment improved slightly from the previous period. However, transactions remained weak, with downstream buyers mainly purchasing as needed and showing limited acceptance of high prices, constraining upside room for prices. In the short term, ADC12 prices were expected to fluctuate rangebound, and further gains would still require substantive improvement on the demand side.

[SMM Cast Aluminum Alloy Morning Comment: Aluminum Prices Halted Their Decline, but Wait-and-See Sentiment Remained Unchanged; Rangebound Movement May Continue in the Short Term] Spot market, yesterday the overall ADC12 market continued to hold prices steady. Aluminum prices showed signs of halting their decline, but market sentiment recovered only limitedly, and enterprises generally chose to postpone price adjustments and mainly adopt a wait-and-see stance. Demand side, downstream orders did not improve significantly, and just-in-time procurement remained the main approach, with mediocre transaction performance. Against the backdrop of easing cost-side fluctuations and insufficient demand support, ADC12 prices may continue to fluctuate within a range and remain relatively stable in the short term, with relatively limited momentum for price adjustments. Further attention should still be paid to aluminum price trends and the recovery of end-use demand.

[SMM Flash News] SHFE data showed that as of March 24, the total registered volume of cast aluminum alloy warrants was 42,944 mt, a decrease of 2,047 mt from the previous trading day. By region, the total registered volume was Shanghai (2,755 mt, down 422 mt), Guangdong (17,257 mt, down 210 mt), Jiangsu (4,209 mt, down 813 mt), Zhejiang (13,672 mt, down 483 mt), Chongqing (3,723 mt, down 119 mt), and Sichuan (1,327 mt, increase 0 mt).

[SMM Daily Review of Aluminum Alloy] Futures: The aluminum alloy 2604 contract opened at 22,750 yuan/mt today. After a brief dip in early trading, it then fluctuated upward. It attempted to move higher multiple times during the session but failed to break the intraday high, gradually weakened in the afternoon, and accelerated its pullback late in the session. It finally closed at 22,585 yuan/mt, down 165 yuan/mt from the previous settlement price, a decline of 0.73%. Spot: The ADC12 market as a whole continued to hold prices steady today. Although aluminum prices showed signs of stabilizing today, market sentiment recovered only to a limited extent, and enterprises generally chose to delay price adjustments and remain on the sidelines. Demand side, downstream order improvement was not obvi

[Overnight, LME Aluminum and SHFE Aluminum Edged Up Slightly, but Aluminum Prices Faced Short-Term Pressure at High Levels] Continued destocking in LME inventory provided bottom support for LME aluminum, but amid tightening fund liquidity and profit-taking by bulls, upward momentum remained insufficient, and the backwardation structure weakened somewhat. China’s social inventory rose to a high for the same period in nearly five years, and the inventory buildup cycle had yet to end, with high inventory and weak spot fundamentals jointly weighing on upward momentum. The divergence between domestic and overseas drivers continued, the SHFE/LME price ratio kept weakening, and prices were mainly under pressure in the short term.