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Warehouse Withdrawals Pull Back While Destocking Accelerates, the Logic of China’s Aluminum Ingot Destocking Changing?As of July 30, China’s aluminum ingot inventory in major consumption areas stood at 953,000 mt. Cumulative destocking from the YTD high of 1.465 million mt in early May has reached 512,000 mt (-35%), with an additional accelerated destocking of 53,000 mt this week, breaking below the 1 million mt threshold as expected. However, the directional divergence between warehouse withdrawals and inventory has raised concerns...
Jul 31, 2026 23:53- Warehouse withdrawals pull back, but destocking accelerates — Is China's aluminum ingot destocking logic changing? [SMM Analysis]
As of July 30, China's major consumption regions reported aluminum ingot inventory of 953,000 mt, having cumulatively destocked 512,000 mt (-35%) from the year's high of 1.465 million mt in early May. Within the week, destocking accelerated further by 53,000 mt, as expected falling below the 1 million mt mark. However, the directional divergence between warehouse withdrawals and inventory drew attention: weekly warehouse withdrawals pulled back to 127,700 mt, losing the advantage of being at a high for the same period in the past four years. The core driving force of this destocking round has shifted from "demand and warehouse withdrawal boost" in June to "supply contraction + slowdown in shipment pace": the proportion of liquid aluminum rose to 78.3% in July, with casting ingot volume down 15.1% YoY; a sharp drop in arrivals in South China pushed Foshan's premium wider by 50 yuan/mt in a single week to 115 yuan/mt; SMM believes...
Jul 31, 2026 23:30 - Destocking and Geopolitics Support SHFE Aluminum's Strong Consolidation; Alumina Inventory Buildup Surplus Continues to Dip to New Lows [SMM Aluminum Brief Review]
SMM July 31: Today, the most-traded SHFE aluminum 2609 contract closed at 23,630 yuan/mt, up 45 yuan on the day, a gain of 0.19%. Trading volume was 139,967 lots, and open interest was 247,263 lots, down 3,338 lots day on day, with funds exiting and clear signs of both bulls and bears reducing positions to realize profits. The price held above the 5-day, 10-day, and 30-day moving averages but remained below the 60-day MA, with short-term bearish pressure continuing to ease. After a sharp decline earlier, the price consolidated at lows for repair, and on the day it shot up then pulled back to close slightly higher, with moderate bullish buying at lows. The 5-day and 10-day MAs turned upward, while the 30-day and 60-day MAs remained downward, leaving the medium-term downtrend unchanged. The 60-day MA above forms strong medium- and long-term resistance, limiting upside room, while the short-term MAs below provide solid support at lows. The DIF and DEA lines stayed below the zero axis, but bearish momentum shrank significantly, and the rebound momentum from lows continued, greatly easing overall downward pressure. SMM Commentary: Recently, the macro front improved somewhat, and the marginal constraints from rate hike expectations on the nonferrous metals sector continued to ease. China’s proportion of liquid aluminum kept rising, and the geopolitical risk premium from the Middle East along with continued destocking of domestic aluminum ingot provided a floor for aluminum prices, significantly boosting short-term market confidence. However, the continued rollout of aluminum capacity outside China in the long term, weak end-use demand in China, together with repeated changes in expectations for US Fed rate hikes and uncertainties in the Middle East, still put some pressure on aluminum’s upside room. Short-term aluminum prices are expected to consolidate on a strong note. Today, the most-traded alumina 2609 contract settled at 2,621 yuan/mt, down 27 yuan on the day, a decline of 1.02%. Trading volume was 185,860 lots, and open interest was 242,811 lots, down 6,081 lots MoM, with funds reducing positions and exiting. The price stayed below the 5-day, 10-day, 30-day, and 60-day MAs, with all MAs forming bearish pressure from top to bottom. Short-term bears continued to press, and the price hit a new low, with weak bullish buying at lows. All medium- and long-term MAs have turned from support to resistance, and the medium-term consolidation downward trend hasn’t changed. During any rebound repair phase, the price will face layered resistance from each moving average. SMM Commentary: On the supply side, weekly production was basically flat compared to the previous week, with stable operations, but the ample supply situation persisted, continuing to weigh on prices. On the inventory front, the buildup trend continued. In markets outside China, affected by geopolitical conflicts, large volumes of low-priced cargo flowed into China earlier, consuming overseas circulating inventory. Recently, the concentrated release of restocking demand from new capacity in Indonesia and production resumptions in the Middle East tightened overseas supplies from loose, driving a notable increase in ex-China alumina prices. Looking ahead, in the absence of macro bullish catalysts in China, the oversupply situation continues to pressure, and short-term prices are expected to remain in the doldrums. Additionally, expectations of production ramp-up in Guangxi will likely lead to further inventory buildup next week. [The information provided is for reference only. This article does not constitute direct advice for investment research or decision-making. Clients should make decisions prudently and not substitute this for independent judgment. Any decisions made by clients are unrelated to SMM.]
Jul 31, 2026 15:09 - Aluminum Prices Stay High, Destocking Range Narrows in Three Regions [SMM Spot Aluminum Midday Review]
SMM July 31 news: SHFE aluminum 2608 contract traded near yesterday’s center in the morning session. Downstream users held back due to high aluminum prices, but just-in-time procurement emerged given the Friday restocking cycle. Persistent destocking also made some suppliers reluctant to sell at lower prices, though overall transaction prices shifted lower. Today, spot premiums for SHFE aluminum ranged mainly between 8-20 yuan/mt and flat against the August contract. In east China, the shipment sentiment index was 3.09, down 0.04 MoM, and the procurement sentiment index was 2.84, down 0.04 MoM. As SHFE aluminum posted a three-day winning streak approaching the Friday restocking cycle, downstream processing enterprises in central China showed markedly weaker stockpiling appetite; they mostly focused on just-in-time procurement and digesting inventories, with only a few enterprises considering stockpiling. Traders mostly took advantage of low premiums to purchase, but overall market activity remained sluggish. The final transaction price range in central China settled at a discount of 160-180 yuan/mt against the SHFE aluminum August contract. The shipment sentiment index in central China was 3.2, up 0.02 MoM, and the procurement sentiment index was 2.83, up 0.03 MoM. On the inventory front, aluminum ingot inventory in major consumption regions fell by 1,000 mt MoM, with destocking seen only in Gongyi.
Jul 31, 2026 15:04 - [SMM Analysis] China Aluminum Billet: Inventory Declines, Prices Rebound, Processing Fees Drop
According to SMM statistics, on July 30, aluminum billet inventory in major consuming regions in China stood at 119,500 mt, down 2,500 mt from last Monday and down 1,500 mt from last Thursday. The inventory ended its two-week buildup trend and shifted to slight destocking. On a YoY comparison basis, inventory was 27,500 mt lower than the same period in 2025, 9,700 mt lower than in 2024, but 40,600 mt higher than in 2023.
Jul 31, 2026 14:42 - Cost-driven price strength, heatwave holidays drag demand, ADC12 gains capped [Aluminum Scrap and Secondary Aluminum Weekly Review]
[Scrap Aluminum and Secondary Aluminum Weekly Review: Cost-Driven Price Strengthening, High-Temperature Holiday Drags Demand, ADC12 Gains Constrained] This week, ADC12 market prices first stabilized and then rose. SMM ADC12 prices held steady at 24,000 yuan/mt early in the week, were raised for two consecutive days mid-week driven by costs, and stood at 24,200 yuan/mt as of Thursday, up 200 yuan/mt from last Thursday. The cost side remained the core driver of this week's price increase.
Jul 31, 2026 14:13
Announcements
Dear User, Greetings! To assist secondary aluminum enterprises in accurately grasping the regional supply-demand pattern within the domestic market, obtaining real-time spot aluminum scrap price information from core production areas, effectively reducing information barriers and communication costs in transaction processes, and further improving the price system and research dimensions of the secondary aluminum industry chain, SMM, after multiple rounds of market surveys and data accumulation, plans to revise the content of the original price points. The specific update arrangements are as follows for market reference. Explanation of Modifications to the Original Aluminum Scrap Price Points: The content changes for the following four price points—Shredded Aluminum Tense Scrap (Foshan), Shredded Aluminum Tense Scrap (Anhui), Shredded Aluminum Tense Scrap (Changege), and Shredded Aluminum Cast Scrap (Foshan)—only involve supplementary modifications to the names, specifications, and definitions of the previous price points and do not affect the reference and viewing of corresponding historical prices. 1. Price Point Name: Shredded Aluminum Tense Scrap (Foshan) revised to Shredded Aluminum Tense Scrap Liquid Aluminum Price (Foshan) Specification: Water yield rate 90-93% revised to Water yield rate 90-93%, Copper >1.5% Definition: Transaction price, self pick-up price at goods yard revised to Liquid aluminum price, settled based on actual metal yield, guidance price for self pick-up at goods yards in the Foshan area. 2. Price Point Name: Shredded Aluminum Tense Scrap (Anhui) revised to Shredded Aluminum Tense Scrap Liquid Aluminum Price (Anhui) Specification: Water yield rate 90-93% revised to Water yield rate 90-93%, Copper >1.5% Definition: Transaction price, self pick-up price at goods yard revised to Liquid aluminum price, settled based on actual metal yield, guidance price for self pick-up at goods yards in the Anhui area. 3. Price Point Name: Shredded Aluminum Tense Scrap (Changege) revised to Shredded Aluminum Tense Scrap Liquid Aluminum Price (Changege) Specification: Water yield rate 90-93% revised to Water yield rate 90-93%, Copper >1.5% Definition: Transaction price, self pick-up price at goods yard revised to Liquid aluminum price, settled based on actual metal yield, guidance price for self pick-up at goods yards in the Changege area. 4. Price Point Name: Shredded Aluminum Cast Scrap (Foshan) revised to Shredded Aluminum Cast Scrap Liquid Aluminum Price (Foshan) Definition: Transaction price, self pick-up price at goods yard revised to Liquid aluminum price, settled based on actual metal yield, guidance price for self pick-up at goods yards in the Foshan area. Effective Time: The modifications to the aforementioned price points will be officially released starting November 12, 2025, and updated every working day. This revision aims to more accurately reflect market price levels through more refined grade classifications and provide market participants with more targeted decision-making references. Should you have any questions, please feel free to contact Chen Chichang at 021-51595820. SMM Aluminum Industry Research Team November 12, 2025
PriceNov 12, 2025 17:09With the development of the scrap metal industry, companies are paying more attention to scrap aluminum varieties and price points across different geographical regions. To meet market demands and provide more comprehensive spot price information, SMM, after extensive market research and preliminary communication, have launched the following price points for local scrap metal prices in Malaysia and Thailand on November 3, 2025: Malaysian Aluminium Scrap – Talon (Aluminium Wire and Cable) Malaysian Aluminium Scrap – UBC (Used Beverage Cans) Thai Aluminium Scrap – Talon (Aluminium Wire and Cable) Thai Aluminium Scrap – UBC (Used Beverage Cans) Introduction to the new SMM Malaysian scrap aluminum price points: SMM, taking into account the local and international demand for overseas aluminium scrap prices primarily in Southeast Asia, and based on overseas policies and market changes, has decided to launch several price points in reflection of the Southeast Asian aluminium scrap markets and trade. The specific details are as follows: Price Point 1: Addition of Malaysian Aluminium Scrap – Talon (Aluminium Wire and Cable) Name and Definition : Malaysian Aluminium Scrap – Talon (Aluminium Wire and Cable), ExWorks Malaysia, including VAT, MYR/tonne Launch Date : November 3, 2025 (Launched) Updated Frequency : The new price point will be updated before 12:00 PM on the first working day of each week (Kuala Lumpur time) Price Point 2: Addition of Malaysian Aluminium Scrap – UBC (Used Beverage Cans) Name and Definition : Malaysian Aluminium Scrap – UBC (Used Beverage Cans), ExWorks Malaysia, including VAT, MYR/tonne Launch Date : November 3, 2025 (Launched) Updated Frequency : The new price point will be updated before 12:00 PM on the first working day of each week (Kuala Lumpur time) Price Point 3: Addition of Thai Aluminium Scrap – Talon (Aluminium Wire and Cable) Name and Definition : Thai Aluminium Scrap – Talon (Aluminium Wire and Cable), ExWorks Thailand, including VAT, THB/tonne Launch Date : November 3, 2025 (Launced) Updated Frequency : The new price point will be updated before 12:00 PM on the first working day of each week (Kuala Lumpur time) Price Point 4: Addition of Thai Aluminium Scrap – UBC (Used Beverage Cans) Name and Definition : Thai Aluminium Scrap – UBC (Used Beverage Cans), ExWorks Thailand, including VAT, THB/tonne Launch Date : November 3, 2025 (Launched) Updated Frequency : The new price point will be updated before 12:00 PM on the first working day of each week (Kuala Lumpur time) We welcome more companies from both upstream and downstream industries to participate and support SMM in better serving the new energy industry chain. If you have any questions, please feel free to contact Liu Xiaolei at (+86)15021973263 or Chin Khai Yuen at (+60)124247012, or email adrian.chin@metal.com.
PriceNov 3, 2025 17:51With the development of the scrap metal industry, companies are paying more attention to scrap aluminum varieties and price points across different geographical regions. To meet market demands and provide more comprehensive spot price information, SMM, after extensive market research and preliminary communication, plans to launch the following price points for local scrap metal prices in Malaysia and Thailand on November 3, 2025: Malaysian Aluminium Scrap – Talon (Aluminium Wire and Cable) Malaysian Aluminium Scrap – UBC (Used Beverage Cans) Thai Aluminium Scrap – Talon (Aluminium Wire and Cable) Thai Aluminium Scrap – UBC (Used Beverage Cans) Introduction to the new SMM Malaysian scrap aluminum price points: SMM, taking into account the local and international demand for overseas aluminium scrap prices primarily in Southeast Asia, and based on overseas policies and market changes, has decided to launch several price points in reflection of the Southeast Asian aluminium scrap markets and trade. The specific details are as follows: Price Point 1: Addition of Malaysian Aluminium Scrap – Talon (Aluminium Wire and Cable) Name and Definition : Malaysian Aluminium Scrap – Talon (Aluminium Wire and Cable), ExWorks Malaysia, including VAT, MYR/tonne Launch Date : November 3, 2025 Updated Frequency : The new price point will be updated before 12:00 PM on the first working day of each week (Kuala Lumpur time) Price Point 2: Addition of Malaysian Aluminium Scrap – UBC (Used Beverage Cans) Name and Definition : Malaysian Aluminium Scrap – UBC (Used Beverage Cans), ExWorks Malaysia, including VAT, MYR/tonne Launch Date : November 3, 2025 Updated Frequency : The new price point will be updated before 12:00 PM on the first working day of each week (Kuala Lumpur time) Price Point 3: Addition of Thai Aluminium Scrap – Talon (Aluminium Wire and Cable) Name and Definition : Thai Aluminium Scrap – Talon (Aluminium Wire and Cable), ExWorks Thailand, including VAT, THB/tonne Launch Date : November 3, 2025 Updated Frequency : The new price point will be updated before 12:00 PM on the first working day of each week (Kuala Lumpur time) Price Point 4: Addition of Thai Aluminium Scrap – UBC (Used Beverage Cans) Name and Definition : Thai Aluminium Scrap – UBC (Used Beverage Cans), ExWorks Thailand, including VAT, THB/tonne Launch Date : November 3, 2025 Updated Frequency : The new price point will be updated before 12:00 PM on the first working day of each week (Kuala Lumpur time) We welcome more companies from both upstream and downstream industries to participate and support SMM in better serving the new energy industry chain. If you have any questions, please feel free to contact Liu Xiaolei at (+86)15021973263 or Chin Khai Yuen at (+60)124247012, or email adrian.chin@metal.com.
PriceOct 27, 2025 17:51