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![Aluminum Billet Processing Fees Broke Through in May, Supply-Side Disruptions Not to Be Ignored [SMM Analysis]](https://imgqn.smm.cn/production/admin/votes/imagesSDWVM20240508153016.png)
Aluminum Billet Processing Fees Broke Through in May, Supply-Side Disruptions Not to Be Ignored [SMM Analysis]Since late April, aluminum billet processing fees in China's three major consumption regions staged a strong rebound, with South China taking the lead. Processing fees of φ120 aluminum billets (Guangdong) hit a Q2 low of -40 yuan/mt on April 16, then surged rapidly, approaching the 500 yuan/mt mark by month-end in May, and reaching a new yearly high of 490 yuan/mt on May 28. SMM believed there were three main reasons...
May 29, 2026 23:49- Active Month-End Shipments, Spot Generally Stable with Slight Fall [SMM South China Spot Aluminum Daily Review]
SMM May 29 News: [SMM] On May 29, SMM A00 aluminum (Foshan) was quoted at 24,060, up 50, at a discount of 225 to the current-month contract, narrowing by 5 (unit: yuan/mt). Futures edged up during the daytime session today, while spot cargo in South China was generally stable with slight fall. As absolute prices remained at a relatively low level and inventory declined significantly, most holders continued to hold prices firm for shipments in the morning. However, the spot-futures price spread had previously strengthened to a relatively high level, and combined with peak cash realization demand ahead of the month-end weekend, circulating supplies were notably loosened. Efforts to hold prices firm ultimately failed, and mainstream quotations reverted to lower levels with increased offerings. Mainstream quotations were at a discount of 20-0 yuan/mt, with sellers showing greater eagerness to make shipments. Although downstream buyers rushed to buy amid continuous price rise to replenish stocks, the incremental volume was limited, while traders pushed for lower prices and only accepted purchases at a discount for rigid demand. Demand lacked follow-through momentum, and overall transactions were lackluster. Spot transaction prices were concentrated at a premium of 205-245 yuan/mt to the SHFE aluminum 2606 contract.
May 29, 2026 11:32 - Rising Interest Rate Cut Expectations Boost Market Sentiment; Aluminum Prices Continue Range-Bound Pattern with Overseas Market Outperforming Domestic Market [SMM Aluminum Morning Meeting Minutes]
[Rising Interest Rate Cut Expectations Boost Market Sentiment; Aluminum Prices Continue LME Outperforms SHFE Sideways Pattern] On the domestic front, driven by improved export profits, aluminum semis exports recovered somewhat and are expected to remain at a relatively high level in the short term. However, the pace of inventory destocking in China remained slow, spot aluminum transactions were lackluster, and downstream purchasing remained cautious, limiting SHFE aluminum's upside room. Overall, aluminum prices are expected to continue the LME outperforms SHFE sideways pattern in the short term.
May 29, 2026 09:07 - China's Aluminum Processing Rate Dips 0.3%, Sector Performance Varies [SMM Weekly Survey]
This week, the operating rate of China's leading downstream aluminum processing enterprises was 64.1%, down 0.3 percentage points WoW.
May 28, 2026 20:38 - East China Market Trading Active With Prices Rising, Central China Purchasing Sentiment Rebounding [SMM Spot Aluminum Midday Review]
SMM May 28 update: The SHFE aluminum 2606 contract fluctuated downward in early trading, with the overall price center moving significantly lower than the previous trading day. Affected by declining aluminum prices, some sellers' selling sentiment weakened, while downstream enterprises' buying sentiment rose MoM, pushing up buyers' price acceptance levels. Mainstream spot quotes in the market ranged from SMMA00 average price to +10 yuan/mt. East China market shipment sentiment index was 2.97 today, down 0.06 MoM; procurement sentiment index was 3.36, up 0.1 MoM. Futures declined today. In the central China market, downstream processing enterprises' procurement sentiment rebounded slightly, but purchases remained primarily need-based and in small volumes. Suppliers tended to ship in large volumes when the spot-futures price spread was relatively small, and market shipment sentiment improved notably. Overall transaction activity became more active compared to the previous two days. The actual transaction price range in the central China market ultimately centered around a premium of 10 yuan to a discount of 10 yuan relative to the central China price. The central China market shipment sentiment index was 2.86 today, up 0.03 MoM; procurement sentiment index was 2.26, up 0.01 MoM. Inventory side, aluminum ingot inventory in major consumption areas rose 1,500 mt MoM today, with the inventory buildup mainly driven by the Gongyi area.
May 28, 2026 13:29 - Rising Hawkish Expectations for the US Fed Put Aluminum Prices Under Pressure and in the Doldrums [SMM Aluminum Morning Meeting Minutes]
[Hawkish US Fed Expectations Heat Up, Aluminum Prices Under Pressure and in the Doldrums] On the fundamentals, the tight spot cargo situation in the ex-China aluminum market continued. LME aluminum inventory remained at low levels, cancelled warrants continued to grow, reflecting tight available supplies. Meanwhile, Japan's Q3 spot aluminum premiums were further raised, also indicating resilient Asian spot demand. Multiple factors jointly supported LME aluminum's performance. On the China side, driven by improved export margins, aluminum semis exports recovered and are expected to remain at a relatively high level in the near term. However, the pace of China's inventory drawdown was slow, spot transactions were lackluster, and downstream purchasing remained cautious, limiting SHFE aluminum's upside room. Overall, aluminum prices are expected to continue moving sideways with LME outperforming SHFE in the near term.
May 28, 2026 09:10
Announcements
Against this backdrop, SMM will begin publishing the US Midwest DDP aluminum premium starting February 27, 2026. Through daily market communication, SMM will introduce ......
PriceFeb 13, 2026 15:04Dear User: Hello! In recent years, China has formed multiple consumption centers for spot aluminum ingot trading. With the development of the aluminum industry chain in the Southwest region, market attention to the Southwest region has gradually increased. Among them, Guangyuan is an important hub for aluminum trading in Sichuan, Shaanxi, Gansu, and Chongqing, and is also the location of the designated settlement warehouse for aluminum futures of the Shanghai Futures Exchange , where aluminum product trading has become increasingly frequent. Therefore, there is an urgent need to compile and release a price index that can fully reflect the spot price of A00 aluminum ingots in the Guangyuan region of our country, so as to objectively, truthfully, and timely reflect the supply and demand situation of the A00 aluminum ingot Spot Market in our country. Based on this, SMM will start to newly release the SMM A00 Aluminum (Guangyuan) and Premium Spot Price Points from November 20, 2025. 1. General Principles of SMM Price Methodology Shanghai Metals Market (hereinafter referred to as SMM) is a completely independent third-party service provider that does not participate in any substantial transactions. Instead, it maintains close communication with the buyers or sellers of transactions as a market observer or organizer and provides relevant services to the market. SMM continuously formulates, reviews, and revises its methodology through communication with industry insiders, adopts the most common product specifications, trade terms, and trade conditions in the industry, and equally values normal transactions that meet the specification standards. SMM reserves the right to exclude any price information deemed to be of poor reliability or unrepresentative from its quotation judgment. SMM publishes daily metal spot prices (or price indices, including those for the Chinese market, markets outside China, and the global market), commonly referred to as SMM Prices. SMM has developed corresponding methodologies for all published SMM Prices (which will be published on SMM's official website www.smm.cn for reference), and the methodologies specify the methods and procedures for the generation and publication of SMM Prices, with SMM Prices being generated and published strictly in accordance with the provisions of the methodologies. To align with the actual situation of the Spot Market, SMM will make necessary revisions to the SMM Price Methodology and announce them on the SMM official website prior to formal implementation. If you have any questions or suggestions regarding SMM prices and their methodology, please contact SMM Client Server staff (please check the contact information on the SMM official website www.smm.cn). 2. Formation of the Spot Price Point of SMM A00 (Guangyuan) 2.1 Definitions The SMM A00 (Guangyuan) Spot Price is an indicative price generated and published by SMM in accordance with this methodology, which can be adopted by both trading parties as a reference basis for the settlement of spot trade of A00 aluminum ingots in the Guangyuan region. This price reflects the most likely range of spot transaction prices before the release time of the SMM A00 aluminum ingot spot quotation on each complete working day. This price is based on the trading conditions in the Guangyuan region on the day, and other regions can adjust the actual settlement price during trading based on the market correlation between different regions on the basis of this price. 2.2 Price Generation Method SMM obtains information on the spot price of local A00 aluminum ingots in Guangyuan through standard price benchmarking methods, including the indicative transaction price provided by the price benchmarking unit, the existing transaction spot premium or discount, and the indicative transaction spot premium or discount, etc. 2.3 Product Standards A00 Aluminum Ingot: Complies with the requirements for the "Al99.70" grade in GB/T 1196-2023 Aluminum Ingots for Remelting. 2.4 Pricing Unit and Presentation Form Unit: (Renminbi) Yuan/ton. Presented in interval form, it is a tax-inclusive price (including 13% Value Added Tax) Daily quotations include the highest, lowest, and average prices of SMM A00 Aluminum (Guangyuan) and its premium or discount. 2.5 Delivery Method Same-day delivery, pick up by the buyer at Guangyuan Warehouse 2.6 Release Time 10:15 AM every working day (excluding legal holidays and weekends) 3. Methodology Changes All markets are changing, and SMM has the responsibility to ensure that the methodology for market reports changes in tandem with the market. Therefore, SMM will conduct internal reviews of the appropriateness of the methodology on a regular basis based on industry feedback. For all potential modifications that are substantial but not urgent, SMM will follow the formal external consultation process. Then, significant changes will be announced, with a notice period of at least 28 days provided to invite industry professionals to comment, unless special circumstances, especially force majeure (natural disasters, wars, exchange bankruptcies, etc.), result in a shortened notice period. SMM commits to carefully reviewing all comments regarding the proposed methodological changes, but in some cases, may have to make changes to the methodology against the wishes of some market participants. In addition, SMM has a formal methodology consultation process. SMM commits to conducting a formal consultation on the A00 aluminum quotation once every year. The date of the last consultation and the deadline for SMM's commitment to hold the next consultation are located at the top of the methodology document. In addition, SMM has a formal methodology consultation process. SMM is committed to serving enterprises in the aluminum industry chain and reducing their transaction costs. The newly added price points will be updated at 10:15 a.m. every working day. Please stay tuned. If you have any feedback, please send it to 021-51595811 (Howard Yang). Shanghai Nonferrous Metals Network Information Technology Joint Stock Company Aluminum Business Unit 2025.11.14
PriceNov 14, 2025 18:13Dear 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 17:09