This week, the weekly operating rate of leading downstream aluminum processing enterprises in China was flat MoM at 64.7%. such as can stock, energy storage, and automobiles. However, aluminum prices fluctuated at highs, exports to the Middle East were impeded, and some end-use consumption recovered less than expected, limiting upside room for the operating rate. The industry exhibited the characteristics of “steady with progress and structural divergence.”

[SMM Aluminum Price Weekly Review: Supply Shortages Outside China Supported Prices to Hold Up Well, China Focused on the Turning Point of Aluminum Ingot Social Inventory]

SMM, April 16: Dealers in Hunan reported that end-use consumption in the e-bike lead-acid battery market remained sluggish, with retailers purchasing cautiously. Current battery inventory stood at approximately one month. There were no signs of sales promotions in the battery wholesale market, with the mainstream model 48V20Ah priced at 380-400 yuan/set. Manufacturers in Jiangxi reported that the e-bike lead-acid battery market was in the off-season, with finished product orders continuing to weaken and battery inventory accumulating. Factory operating rates had dropped to 60-70%. Additionally, lead prices surged significantly today, and raw material lead procurement remained on the sidelines. Manufacturers in Jiangsu reported that e-bike replacement demand was weakening, while OEM orders for complete vehicles were moderate. Factory operating rates were maintained at around 90%, with raw material lead procurement primarily through long-term contracts.

[SMM Aluminum News Flash] This week, the operating rate of leading secondary aluminum enterprises pulled back slightly WoW, mainly dragged down by weakening demand. Currently, downstream enterprises generally maintain just-needed restocking with low willingness to accept high-priced supplies, and the overall market trading atmosphere remains subdued. On the cost side, primary aluminum prices held up well this week, pushing up production costs for enterprises. Some producers raised their quotes accordingly; however, constrained by lackluster demand follow-through, the price increase of finished products was notably weaker than that on the aluminum scrap side, and industry profit margins remained under pressure and continued to narrow. In the short term, operating rates still face downward p

[SMM Coking Coal and Coke Daily Brief] Supply side, coking enterprises saw moderate shipments, coke inventory remained at low levels, and most coking enterprises maintained normal production levels, keeping coke supply relatively stable. Demand side, downstream steel mills operated at a good pace, daily average hot metal production increased, and some steel mills with low inventory showed relatively strong willingness to restock coke. In summary, the coke supply-demand pattern was basically balanced, but cost declines were limited. The second round of coke price increase is still expected to materialize, and the short-term coke market is expected to hold up as generally stable with slight rise.

[SMM Magnesium Weekly Review: Magnesium Market Pulled Back on Weakness, Export Prices Rose Against the Trend on Policy Impact] The magnesium market was overall in the doldrums this week. Magnesium ingot quotes in major producing areas fell 350 yuan/mt WoW to 17,000-17,150 yuan/mt. Downstream buyers showed strong wait-and-see sentiment, and panic selling accelerated the price decline, with the market entering a phase of rational pullback. Export side, affected by tightened customs supervision on non-compliant exports and dual-use items, FOB quotes rose against the trend by $50/mt on Thursday to $2,500-2,600/mt, with domestic and overseas market trends clearly diverging. Magnesium powder and magnesium alloy prices pulled back along with raw materials, while processing fees remained stable, and the market overall showed strong supply and weak demand. Magnesium prices are expected to see gradually narrowing declines in the short term, with subsequent attention needed on changes in export policies and downstream purchase willingness.