As of April 24, the mainstream price in the south China market — SMM A00 aluminum (Foshan) was at a discount of 345 yuan/mt against the 2605 contract, while the mainstream price in the east China market — SMM A00 aluminum was at a discount of 130 yuan/mt against the 2605 contract. The price spread between the two regions had exceeded 200 yuan/mt, covering sea freight, short-haul transfer, and logistics costs, officially opening up the transshipment window between Guangdong and Shanghai...

According to SMM data, as of April 24, social inventory of aluminum ingots in China's major consumption regions stood at 1.465 million mt, up 42,000 mt WoW, maintaining an inventory buildup trend for multiple consecutive weeks, with the pace of buildup widening again WoW. Weekly warehouse withdrawals rebounded slightly by 14,200 mt WoW to 115,200 mt, but the improvement in withdrawals fell short of the recent increase in arrivals, indicating clearly insufficient momentum for inventory drawdown..

Recently, China's manganese sulphate market has exhibited an operating pattern characterized by "rigid cost underpinning and diverging demand structures." Battery-grade and industrial-grade manganese sulphate performed slightly differently, but the overall market maintained a steady-to-strong trend. Core raw material prices fluctuating at highs continued to push up production costs. Combined with steady demand release from the new energy sector, this provided strong support for manganese sulphate prices. Meanwhile, factors such as tightening liquidity at month-end and production adjustments in some producing regions caused minor disruptions, but did not alter the core logic of an overall strong market. In the short term, prices are expected to mainly fluctuate upward.

Recently, China's EMM market displayed a distinct dual pattern of "strong cost support with loosening at highs," with intensifying industry supply-demand and cost dynamics.

[Zinc Prices Fluctuated at Highs During the Week, Guangdong Premiums Declined] This week, premiums in the Guangdong region decreased by approximately 10 yuan/mt WoW. As of this Friday, mainstream 0# zinc in the Guangdong region was quoted at discounts of 105~85 yuan/mt against the market, with the Shanghai-Guangdong price spread narrowing.

[Tianjin Zinc Ingot Spot Premiums Edged Up]: Spot premiums in the Tianjin area edged up this week, up 10 yuan/mt WoW. As of this Friday, domestic ordinary brands were quoted at a discount of around 50-120 yuan/mt against the 2605 contract, premium brands at a discount of around 0-40 yuan/mt against the 2605 contract, and Tianjin at a discount of around 50 yuan/mt against Shanghai.