As of March 16, tungsten prices in China saw a slight correction, with APT quoted at 1.505 million yuan/mt. The market's fear of high prices was released, entering a phase of rational wait-and-see. Outside China, supply remained persistently tight, with the average APT Rotterdam price at $2,200/mtu, while weekly gains in tungsten scrap prices in India and Europe exceeded 25%.

SMM June 18 News: Today, spot primary aluminum prices surged significantly by 280 yuan/mt compared to the previous trading day. SMM A00 aluminum ingot prices closed at 20,900 yuan/mt, while the aluminum scrap market struggled to catch up with the price increase. As the off-season in June progresses beyond the halfway mark, downstream scrap utilization enterprises are experiencing weak order releases, with procurement primarily driven by immediate needs. Today, the centralized quoted prices for baled UBC aluminum scrap range from 15,400 to 15,900 yuan/mt (tax not included), while shredded aluminum tense scrap is quoted at 16,000 to 17,500 yuan/mt (tax not included). Regionally, Shanghai, Jiangsu, Shandong, and other regions closely track aluminum prices, with price adjustments ranging from 200 to 250 yuan/mt. In contrast, Jiangxi, Hubei, Henan, Foshan, and other regions lag behind aluminum price adjustments, with price adjustments ranging from 100 to 150 yuan/mt. By product, baled UBC aluminum scrap prices continued to rise by 50 yuan/mt today, while shredded aluminum tense scrap prices increased by 100 yuan/mt compared to yesterday. Prices for wheel hubs removed from vehicle and scrap motorcycle wheels rose by 100 to 200 yuan/mt compared to yesterday. In terms of price differences between A00 aluminum and aluminum scrap, the price difference between A00 aluminum and mechanical casting aluminum scrap in Shanghai expanded by 8 yuan/mt to 1,858 yuan/mt compared to yesterday, while the price difference between A00 aluminum and mixed aluminum extrusion scrap free of paint in Foshan increased by 211 yuan/mt to 1,718 yuan/mt compared to yesterday. Considering the difficulty in actual shipments, aluminum scrap suppliers are adopting a cautious wait-and-see attitude towards price adjustments amidst rising aluminum prices. It is expected that the aluminum scrap market will continue to fluctuate at highs. The tight supply situation for aluminum tense scrap is unlikely to change, providing solid price support. Wrought aluminum alloy scrap will continue to fluctuate rangebound with primary aluminum, but the risk of a high-level correction in primary aluminum prices, combined with weak demand during the off-season, may suppress upside room. The operating rate of downstream secondary aluminum enterprises may remain low, with a difficult balance between costs and orders. Additionally, after the listing of cast aluminum alloy futures, arbitrage activities may temporarily boost market activity, potentially increasing the price sensitivity of aluminum scrap as a core raw material. Short-term volatility risks should be monitored. 》Subscribe to view historical SMM metal spot prices

[SMM Morning Comment on Cast Aluminum Alloy: The Most-Traded Cast Aluminum Contract Hits New High Since Listing, Short-Term Cost Support Remains Solid] On Tuesday, the SMM A00 aluminum price fell slightly by 10 yuan/mt from the previous trading day to 20,620 yuan/mt, while the domestic SMM ADC12 price continued to hold steady in the range of 19,900-20,200 yuan/mt.

[SMM Aluminum Morning Meeting Summary: Softening US Economy Coupled with Tense Middle East Situation, Domestic Low Inventory Supports Aluminum Prices to Hold Up Well] Macro side, the softening US economic data and tense geopolitical situation in the Middle East have made the market nervous. US retail sales in May were weaker than expected, but consumer spending remained supported by robust wage growth. Fundamentals side, the operating capacity of domestic primary aluminum remained stable, and the reduction in casting ingot volume has kept domestic aluminum ingot inventory in a state of destocking. Cost side, there are expectations of weaker prices for alumina and auxiliary materials, weakening the cost support for primary aluminum. Demand side, it faces dual pressures from domestic seasonal weakness and trade uncertainties, and the operating rate of aluminum processing enterprises will be under pressure in the short term. Overall, the current low inventory and expectations of a higher proportion of liquid aluminum provide strong support for aluminum prices, but the off-season pressure on the demand side limits the upside room. Spot aluminum ingot in major consumption areas may soon face a situation of weak supply and demand, and aluminum prices may hold up well in the short term.

SMM June 17 News: Today, spot primary aluminum prices continued to decline by 10 yuan/mt compared to the previous trading day. SMM A00 aluminum ingot prices closed at 20,620 yuan/mt, while aluminum scrap market prices remained largely unchanged from yesterday. As the off-season in June progresses beyond the halfway mark, downstream scrap utilisation enterprises are experiencing sluggish order releases, with procurement primarily driven by immediate needs. Today, the concentrated quotes for baled UBC aluminum scrap range from 15,350 to 15,850 yuan/mt (tax not included), while the concentrated quotes for shredded aluminum tense scrap range from 15,900 to 17,400 yuan/mt (tax not included). In terms of price difference between A00 aluminum and aluminum scrap, the price difference between A00 aluminum and mechanical casting aluminum scrap in Shanghai widened by 25 yuan/mt to 1,850 yuan/mt compared to last Thursday, while the price difference between A00 aluminum and mixed aluminum extrusion scrap free of paint in Foshan narrowed by 150 yuan/mt to 1,505 yuan/mt compared to last Thursday. It is expected that the aluminum scrap market will continue to fluctuate at highs. The tight supply situation for aluminum tense scrap is unlikely to change, providing solid price support. Wrought aluminum alloy scrap will continue to fluctuate rangebound with primary aluminum, but the combined risks of a high-level correction in primary aluminum prices and weak demand during the off-season may suppress upside room. The operating rate of downstream secondary aluminum enterprises may remain low, with a difficult balance between costs and orders. Additionally, after the listing of cast aluminum alloy futures, arbitrage activities may temporarily boost market activity, potentially increasing the price sensitivity of aluminum scrap as a core raw material. Caution is advised against short-term volatility risks. 》Subscribe to view SMM metal spot historical prices

[SMM Aluminum Morning Meeting Summary: Macro Bullish Factors Clash with Off-Season Demand, Aluminum Prices Fluctuate at Highs Amid Low Inventory] On the macro side, the market is closely monitoring the tense situation between Israel and Iran, as well as the US Fed's policy meeting this week, which is set to conclude on Wednesday. The market widely expects the US Fed to keep interest rates unchanged. On the fundamentals side, the operating capacity of domestic primary aluminum remains stable, with a decrease in casting ingot volume contributing to the ongoing destocking of domestic aluminum ingot inventory. On the cost side, prices of alumina and auxiliary materials are expected to weaken, leading to diminished cost support for primary aluminum. On the demand side, domestic seasonal weakness and trade uncertainties are exerting dual pressures, with the operating rate of aluminum processing enterprises expected to decline under pressure in the short term. Overall, the current low inventory and the anticipated increase in the proportion of liquid aluminum provide strong support for aluminum prices. However, the off-season pressure on the demand side limits the upside room. Spot aluminum ingots in major consumption areas may soon face a situation of weak supply and demand, with aluminum prices likely to hold up well in the short term.