SMM, March 17: Aluminum ingot: Today, sentiment in the Foshan A00 spot aluminum market recovered moderately. The rebound in early-session futures prices drove spot prices higher, and suppliers took the opportunity to accelerate cashing out. Traders showed moderate willingness to purchase, while major players held prices firm in procurement, but downstream buyers were unwilling to rush to buy amid continuous price rise. In the afternoon, futures moved downward, buyers turned cautious, and transactions started steady before weakening, with overall performance showing a mild rebound. Aluminum billet: Today, the average processing fees for SMM 6063 aluminum billet (Guangdong) were 70 yuan/mt for Φ90/100 and 20 yuan/mt for Φ120 and above, down 80 yuan/mt from yesterday. The rise in the base price caused processing fees to continue to decline, while weaker intraday futures prices intensified downstream bearish sentiment, with procurement mainly driven by immediate needs. After futures surged and then pulled back, offers were lowered accordingly. Market inquiries were scarce, transactions were sluggish, and even volume discounts remained ineffective in stimulating deals.

[SMM Aluminum Alloy Daily Review] Futures side, the most-traded aluminum alloy 2604 contract opened at 23,710 yuan/mt in the morning session and then quickly climbed, once touching an intraday high of 23,945 yuan/mt. Bulls then lost momentum, and prices pulled back step by step. In the afternoon, it fluctuated rangebound, and late in the session it fell further to an intraday low of 23,575 yuan/mt, finally closing at 23,725 yuan/mt, up slightly 0.17% from the previous trading day. Spot side, the ADC12 market was largely stable overall today, with a few enterprises raising quotes slightly. Supported by a modest strengthening in aluminum scrap prices, cost support for some enterprises improved somewhat, but due to limited fluctuations in aluminum prices and generally weak downstream demand,

SMM, March 17: The SHFE aluminum 04 contract opened higher and extended gains today, with strong bullish sentiment in the market. Sellers held prices firm, buyers showed greater price acceptance, and purchasing enthusiasm also increased. Today, mainstream quotations and transaction prices in the market were concentrated at -10 yuan/mt to +10 yuan/mt. Today, the east China market shipment sentiment index was 3.12, down 0.05 MoM; the purchasing sentiment index was 2.7, up 0.04 MoM. Today, futures prices opened lower and moved higher. Before the opening, quotations in the central China market were relatively high, mainly at discounts of 320-330 yuan/mt against the SHFE aluminum 04 contract, then prices gradually declined. Traders maintained strong bullish sentiment and high enthusiasm for purchase, with overall trading volume relatively large. As suppliers basically finished shipments, circulating spot availability became tight, and market quotations continued to rise, but the transaction scale was relatively small. In the end, the actual transaction price range in the central China market was around 10 yuan below the central China price to 40 yuan above the central China price. Today, the central China market shipment sentiment index was 2.6, down 0.02 MoM; the purchasing sentiment index was 2.38, up 0.02 MoM. Inventory side, aluminum ingot inventory in major consumption regions increased by 4,000 mt MoM today, with the inventory buildup mainly coming from Guangdong and Gongyi. In the short term, after the Chinese New Year, aluminum ingot inventory has continued its seasonal buildup. Affected by bullish market sentiment, premiums are expected to maintain a narrowing trend.

[SMM Cast Aluminum Alloy Morning Comment: V-Shaped Rebound in Futures, ADC12 to Fluctuate at Highs in the Short Term] Overnight, aluminum alloy 2604 in the night session bottomed out and showed a rangebound fluctuating trend: after the opening, it quickly fell to around 23,570 yuan/mt, then fluctuated upward, with a trading range of 23,570-23,715 yuan/mt, and closed at 23,710 yuan/mt at the end of the session, down 0.50% from the previous day's closing price. Intraday, it first fell sharply and then staged a V-shaped rebound, before entering sideways consolidation, with the tug-of-war between longs and shorts remaining balanced. Trading volume shrank, open interest edged up slightly, and market sentiment remained cautious.

SMM, March 16: The SHFE aluminum 04 contract opened higher and extended gains today, while market transactions were relatively sluggish. Futures later fell, and as buying sentiment strengthened and price acceptance improved, transaction prices in the spot market moved higher. Today’s mainstream quotations and transaction prices were mainly concentrated between a discount of 10 yuan/mt and the average price. Today, the east China market shipments sentiment index was 3.07, down 0.26 WoW; the purchase sentiment index was 2.66, up 0.11 WoW. Today, aluminum prices continued to edge lower from last Friday, and with inventory remaining high, traders in the central China market showed limited bullish sentiment. Overall purchase volumes recovered somewhat from the previous two trading days. As futures prices declined, market premiums showed a continued upward trend. Ultimately, actual transaction prices in the central China market were mainly concentrated between a discount of 10 yuan to the central China price and a premium of 20 yuan to the central China price, and moved higher throughout the session. Today, the central China market shipments sentiment index was 2.58, down 0.09 WoW; the purchase sentiment index was 2.36, up 0.01 WoW. Inventory side, aluminum ingot inventory in major consumption regions increased by 18,500 mt WoW today, with all three regions showing inventory buildup. In the short term, following the Chinese New Year, aluminum ingot continued to see seasonal inventory buildup. Affected by bullish sentiment, premiums are expected to remain on a narrowing trend.

[Magnesium Ingot Transactions Increased Significantly, Rigid Demand Support Became More Evident, and a One-Way Market Was Unlikely in the Short Term] Today, quotations in the main production areas for 99.90% magnesium ingot were 16,600-16,700 yuan / mt, and low-priced supply in the market increased.