[SMM News] SHFE data showed that on May 19, the total registered volume of cast aluminum alloy warrants was 38,704 mt, an increase of 1,170 mt from the previous trading day. Among them, the total registered volume in Shanghai was 2,515 mt, unchanged from the previous trading day; the total registered volume in Guangdong was 10,669 mt, a decrease of 122 mt from the previous trading day; the total registered volume in Jiangsu was 7,232 mt, an increase of 150 mt from the previous trading day; the total registered volume in Zhejiang was 12,154 mt, an increase of 1,173 mt from the previous trading day; the total registered volume in Chongqing was 5,139 mt, a decrease of 31 mt from the previous trading day.

[SMM Aluminum Alloy Daily Review] ADC12 market overall remained stable today. As aluminum prices rebounded, some enterprises slightly raised their quotes, but most still chose to hold prices steady and wait, with overall price adjustments being limited. Fundamentals side, demand was generally stable with slight fall, constraining upside room; cost side, costs rose due to higher aluminum prices, providing support for prices. In additio

Japan’s primary aluminum imports rose 6.6% YoY and 16% MoM to 89,497 tones in March 2026, supported by recovering automotive demand and stronger aluminum product output. Japan’s vehicle production increased 8.8% YoY, boosting demand for automotive flat-rolled and extruded products, with automotive extrusion shipments rising 15%. However, construction demand remained weak, with construction extrusion shipments falling 5.3% YoY. Imports of ADC12 aluminum alloy ingots declined 3% to 79,137 tones, while average import prices rose 5.6% to USD 2,969/t. On the supply side, imports from Malaysia surged 836.9% YoY, marking the fastest growth among suppliers.

[Middle East Geopolitical Risks Cool Down, Aluminum Prices Under Pressure in the Short Term] On the macro front, Trump announced the cancellation of the originally planned military strike against Iran, as negotiations mediated by relevant countries made progress, easing market concerns over an escalation of Middle East conflicts. High inventory levels in China remain the core factor suppressing significant price rallies. Additionally, weak trading performance in the spot market further limits the upside room for aluminum prices. In the short term, aluminum prices are expected to continue the pattern of LME outperforms SHFE, fluctuating at highs.

SHFE data showed that on May 18, the total registered cast aluminum alloy warrants were 37,534 mt, an increase of 1,388 mt from the previous trading day. By region: Shanghai (2,515 mt, increase of 394 mt), Guangdong (10,791 mt, increase of 0 mt), Jiangsu (7,082 mt, increase of 91 mt), Zhejiang (10,981 mt, increase of 753 mt), Chongqing (5,170 mt, increase of 150 mt), and Sichuan (995 mt, increase of 0 mt).

[SMM Aluminum Alloy Daily Review] Futures side, the most-traded aluminum alloy 2607 futures contract opened lower and rebounded with fluctuations today. It opened at 22,900 yuan/mt, then came under pressure and dipped during the session, closing at 22,895 yuan/mt before noon, down 255 yuan from the previous trading day's settlement price, a decline of 1.10%. Spot side, the ADC12 market generally declined today, with drops mostly contained within 100-200 yuan/mt. Currently, compliant aluminum scrap sources were tightening, forcing some secondary aluminum enterprises to cut production. Market supply contracted slightly, leading to rising hold-back-from-selling sentiment amid falling prices, which provided support for prices. In the short term, ADC12 prices are expected to continue moving sid