[Geopolitical Tensions Combined With Deferred Interest Rate Cut Expectations Leave SHFE Aluminum Under Short-Term Pressure but Fluctuating at Highs] Against the backdrop of continued tightening LME liquidity, LME aluminum still has upward momentum, with strong support from prices outside China, and is expected to maintain a backwardation structure in the short term. China remains in a phase of high inventory coupled with weak fundamentals, and its upward momentum is significantly weaker than that outside China. Amid divergent domestic and external drivers, the SHFE/LME price ratio is expected to continue weakening, and aluminum prices are still expected to fluctuate at highs in the short term.

On November 25th, the first furnace in the smelting workshop of Guizhou Zhiyuan Metal Technology Co., Ltd.'s recycled aluminum project, with an annual output of 100,000 tons of aluminum rods and 50,000 tons of aluminum profiles, was successfully ignited, marking the start of the final sprint before trial production for this key provincial project. The project, with a total investment of 400 million yuan, includes a smart recycled aluminum production line, supporting workshops for smelting, extrusion, and surface treatment, as well as an environmental protection system, aiming to create a circular economy industrial chain. After the project is put into operation, it will be able to process and recycle over 90% of waste aluminum annually, producing 100,000 tons of aluminum rods and 50,000 tons of aluminum profiles, with an estimated annual output value exceeding 2 billion yuan.

Mingtai Aluminum recently stated at a roadshow that in the field of low-carbon circular economy, the company plans to introduce a laser-induced breakdown spectroscopy precision separation production line. Through technological innovation of "precise component identification and efficient separation of impurities and alloys," the company aims to expand the scope of waste aluminum recycling, achieve high-value utilization of waste aluminum, and promote the upgrading of the recycled aluminum industry. With the EU's carbon border adjustment mechanism policy set to be implemented in 2026, the company's recycled aluminum products will enjoy a green and low-carbon premium, further enhancing the company's profit margins.

On November 5, the Sanmenxia Demonstration Zone (High-tech Zone) and the Sanmenxia Xiaohan State-owned Industrial Joint Development Co., Ltd. jointly held a signing ceremony for the integrated manufacturing and intelligent application project of 50,000 tons of recycled aluminum alloy per year. The project has a total investment of 110 million yuan. It involves the reprocessing of materials by recycling waste aluminum products through intelligent sorting technology, optimized smelting processes, and digital whole-process monitoring to produce aluminum alloys for casting, and customizing aluminum alloy die-cast parts for fields such as automobiles and heat transfer printing machines according to demand. The total construction area of the project is 11,614.63 m², including a smelting workshop (Phase I) with a construction area of 5,925.85 m², a die-casting workshop (Phase II) with a construction area of 3,465.84 m², and an office building with a construction area of 2,222.94 m².