[SMM Aluminum Price Weekly Review: Export Demand Offsets Weak Domestic Consumption, China Domestic Aluminum Prices Expected to Fluctuate and Adjust in the Short Term]

[Inventory Trends Diverge Significantly in and outside China; Aluminum Prices Continue LME-Outperforms-SHFE Pattern] Negotiations in the Middle East experienced repeated twists and turns, and geopolitical risks had not yet fully been cleared. However, the widening supply gap outside China and the steady drawdown of LME inventory jointly supported LME aluminum prices in holding up well. In China, social inventory of aluminum ingots remained at elevated levels, with the strength of demand recovery and the pace of inventory drawdown becoming the core variables influencing SHFE price trends.

[SMM Aluminum Price Weekly Review: U.S.-Iran Negotiation Situation Fluctuated, Macro Bullish and Bearish Factors Intertwined This Week]

[SMM Aluminum Spot Market Midday Review: Futures Strengthened and Aluminum Prices Remained High, Spot Premiums/Discounts Continued Under Pressure] SHFE aluminum's morning trading center rose to around 20,870 yuan/mt. In east China, as aluminum prices increased, suppliers became more willing to sell, but downstream purchases were weak. Market transaction prices were at a discount of 20-10 yuan/mt against SMM prices. Today, the east China market selling sentiment index was 3.09, up 0.02 WoW; purchasing sentiment index was 2.71, down 0.03 WoW. Today, SMM A00 aluminum was quoted at 20,860 yuan/mt, up 110 yuan/mt from the previous trading day, at parity with the September contract and at a discount of 10 yuan/mt against the October contract.