Global Aluminum Market Review – April: Divergent Domestic & Overseas Trends and Marked Spot Structure Disparities The global aluminum market in April featured a core pattern of strength overseas and weakness domestically with diverging trends. The main Shanghai aluminum contract retreated from highs amid fluctuations, while LME aluminum maintained firm momentum supported by low inventories and geopolitical factors, with both markets seeing mild corrections toward month-end. Market drivers this month centered on macro policies, geopolitical conflicts, supply-demand fundamentals and inventory structures, with movements of key indicators further highlighting supply-demand imbalances between domestic and overseas aluminum markets. I. April Aluminum Price Review: Linked Movements with Distinct Strength Differentials Shanghai aluminum and LME aluminum shared similar price rhythms in April, both fluctuating higher initially before retreating. However, notable gaps emerged in upward momentum and correction ranges, with overseas aluminum prices significantly outperforming domestic counterparts. The average Shanghai-LME aluminum ratio dropped from 7.36 in March to 7.03 in April, reflecting stronger overseas aluminum pricing relative to Shanghai aluminum. The main Shanghai aluminum contract trended upward early in the month before softening overall, declining from elevated levels through range-bound trading. It opened lower at RMB 24,715 per ton at the start of the month and consolidated. Driven by escalating Middle East geopolitical tensions and rising LME aluminum prices, it surged to a monthly peak of RMB 25,675 per ton in mid-April. In late April, amid continuous domestic inventory accumulation, weaker-than-expected downstream demand, and risk-averse capital outflows ahead of the May Day holiday, prices corrected steadily. Closing at RMB 24,430 per ton on April 30, the contract recorded a monthly trading range of nearly RMB 1,360 per ton. LME March aluminum traded firmly with mild late-month declines. Opening at USD 3,459 per ton, it climbed to a monthly high of USD 3,672 per ton in mid-April, underpinned by overseas supply disruptions from geopolitical frictions and sustained inventory destocking. Prices edged down later due to fluctuating US-Iran negotiations, hawkish macro sentiment and profit-taking at high levels, settling at USD 3,476 per ton at month-end with a slight monthly loss. Overall, LME aluminum vastly outperformed domestic Shanghai aluminum. In terms of price drivers, geopolitics served as a shared upward catalyst for global aluminum prices, with production cuts and supply disruptions in the Middle East continuously boosting market risk aversion. Price divergence stemmed from dual disparities in macro policies and fundamentals: elevated domestic inventories and sluggish demand consistently capped aluminum price rebounds, while tight overseas inventories and strained spot supplies provided robust support for LME aluminum. II. Key Inventory Indicators: Divergent Inventory Movements and Contrasting Supply-Demand Landscapes As a core gauge of aluminum market supply and demand, domestic and overseas inventory trends diverged sharply in April, directly shaping the relative strength of regional aluminum prices. Domestic aluminum inventories kept rising and stood at a multi-year seasonal high. Social inventories maintained an upward trend throughout April, hitting 1.465 million tons in mid-month, the highest seasonal level in five years. A clear imbalance emerged between rigid supply release and lackluster downstream demand during the traditional peak "Silver April" period, leading to persistent spot market loosening. SHFE warehouse stocks expanded from 420,000 tons at the start of the month to 450,000 tons at month-end. Elevated warehouse stock levels further confirmed ample domestic spot supply, weighing continuously on aluminum prices. Overseas LME aluminum inventories declined steadily to a 20-year low. Total LME aluminum inventories fell from 410,000 tons to 370,000 tons in April, extending months of destocking to historic lows. Noticeable structural divergence persisted in inventory composition: Russian aluminum accounted for approximately 92% of total LME stocks in March, resulting in low market-circulating inventories and increasingly tight physical spot supply, which acted as the fundamental pillar for strong LME aluminum prices. In summary, April’s global aluminum market was governed by contrasting core dynamics: low overseas inventories, geopolitical disruptions and hawkish Federal Reserve policies on the overseas front, versus high domestic inventories, weak real demand and stable growth expectations domestically. This drove pronounced market divergence. Affected by intertwined internal and external factors, the main Shanghai aluminum contract corrected downwards from highs, while LME aluminum remained in a firm trading range, backed by historically low inventories, a tight spot balance and geopolitical risk premiums.

As of April 24, the mainstream price in the south China market — SMM A00 aluminum (Foshan) was at a discount of 345 yuan/mt against the 2605 contract, while the mainstream price in the east China market — SMM A00 aluminum was at a discount of 130 yuan/mt against the 2605 contract. The price spread between the two regions had exceeded 200 yuan/mt, covering sea freight, short-haul transfer, and logistics costs, officially opening up the transshipment window between Guangdong and Shanghai...

Entering the second half of March, regional divergence in China’s aluminum market became increasingly pronounced, with the divergence between inventory trends and spot price spreads in east China and south China intensifying. On the one hand, the nationwide post-holiday inventory buildup in aluminum gradually approached its end, inventory overhang pressure in east China continued to ease, circulation efficiency steadily improved, the inventory buildup momentum slowed down significantly, and.....

[Shanghai aluminum futures consolidated narrowly during the night session, with slow downstream resumption of work leading to volatile aluminum prices] On the fundamentals, seasonal pressure remains prominent. On the supply side, new aluminum projects in the domestic market are steadily ramping up production, while the proportion of liquid aluminum conversion remains temporarily low. On the demand side, post-holiday operating rates of downstream processing materials show a steady recovery pace. However, under the influence of seasonal supply exceeding demand and some cargo backlog at railway stations, it is expected that the peak inventory of aluminum ingots domestically after the holiday will exceed 1.35 million mt, hitting a new high in nearly five years, which will be an important factor suppressing price rises. Overall, in the short term, Shanghai aluminum futures will continue a volatile pattern.

At 17:00 on April 18, 2025, the AICE2025 SMM 20th Aluminum Industry Conference & Aluminum Industry Expo (hereinafter referred to as "AICE Aluminum Industry Expo") successfully concluded at the Suzhou International Expo Center! What were the exciting highlights at the AICE 2025 Aluminum Industry Expo? Today, Xiao A brings you an exclusive "Post-Exhibition Report," using hardcore data to comprehensively and multi-dimensionally recreate the splendid moments of this aluminum industry feast! AICE: Clients Within Reach 01 AICE's lineup of exhibitors... 02 AICE Exhibitor Analysis 03 AICE Exhibitors' Voices 04 AICE Analysis of Domestic Visitors This year's domestic visitors covered 27 provinces across the country, with Jiangsu Province having the most visitors, accounting for 34.77%. The top 10 provinces for domestic visitors were: Jiangsu, Shanghai, Henan, Shandong, Zhejiang, Guangdong, Jiangxi, Hubei, Hebei, and Shanxi. The main business types of professional visitors were processing, end-users, trading, and equipment. Among them, processing accounted for the largest proportion at 23.34%. Professional visitors with decision-making or purchasing authority accounted for over 51.42%. 05 What are the benefits of visiting AICE? 06 Review of AICE Concurrent Forums 07 AICE's Interactive Highlights! AICE Shining Brightly! The AICE 2025 Glory Ceremony 2025 SMM China Aluminum Industry Meritorious Figures Rising Star Award Huang Kaiju, Shanghai Giant Alloy Materials Recycling Co., Ltd. Kuang Manxing, Guangdong Hongjin New Materials Group Co., Ltd. Huang Fen, Fen'an Aluminum Industry Co., Ltd. Pan Baowen, Guangdong GoldEx Light Alloy Co., Ltd. Cornerstone Award Cheng Shuai, CSMET Group Cui Lixin, Shandong Innovation Group Co., Ltd. Shen Jianguo, Yongjie New Materials Co., Ltd. Li Wei, Henan Shenhuo Group Co., Ltd. Huo Bin, Yidian Holding Group Co., Ltd. Shangmei Network/Shangqing Times Metal Information Consulting (Beijing) Co., Ltd. Dong Chunming Taishan Award Peng Baotai, Jiangxi Baotai Nonferrous Metals Group Co., Ltd. Ma Tingyi, Henan Mingtai Aluminum Industry Co., Ltd. Wang Zhenjian, Chongqing Shunbo Aluminum Alloy Co., Ltd. Lifetime Achievement Award Wang Zitao, Lw Aluminum Processing Technology Center Yuan Yongda, Shanghai Aluminum Industry Association Wen Xianjun, China Nonferrous Metals Industry Association, Shandong Aluminum Industry Association Li Shilong, China Technology Innovation Strategic Alliance for Resources Recycling Industry (CIAR) Zhang Shangen, Suzhou Die Casting Association Lu Jiyan, Guangdong (Nanhai) Aluminum Processing Industry Alliance 2025 SMM Top 20 China Aluminum Scrap Suppliers Double Win Industries INC Aleris Renewable Resources (Tianjin) Co., Ltd. Foshan Haoyi Metal Materials Co., Ltd. Foshan Xinshenghao Aluminum Industry Co., Ltd. Guangdong Sunrise Heavy Rising Metal Import & Export Co., Ltd. Kunshan Tenglin Material Recycling Co., Ltd. Nan'an Quanli Metal Co., Ltd. Ningbo Chengyuan Metal Co., Ltd. Ningbo Gongyi Alloy Materials Co., Ltd. Ningbo Jinmai Lvyi Metal Materials Co., Ltd. Ningbo Jinxin Trading Co., Ltd. Ningbo Qilin Metal Materials Technology Co., Ltd. Ningbo Tongsheng New Materials Co., Ltd. Qingyuan Yuxiang Metal Technology Co., Ltd. Shantou Fujiu Renewable Resources Recycling Co., Ltd. Shanghai Humin Renewable Resources Co., Ltd. Shanghai Giant Alloy Materials Recycling Co., Ltd. Tianjin Sinone Renewable Resource Co., Ltd. Zhejiang Sansheng Metal Technology Co., Ltd. Zhejiang Zhelv New Energy Co., Ltd. 2025 SMM Top 20 China Aluminum Alloy Ingot Traders Chixin Supply Chain Management (Guangdong) Co., Ltd. Foshan Xiangneng Dazheng Trading Co., Ltd. Foshan Xinshenghao Aluminum Industry Co., Ltd. Meiyin Ruijing (Ningbo) Aluminum Industry Co., Ltd. Ningbo Donghui International Trade Co., Ltd. Ningbo Haitian Tongchuang Industrial Co., Ltd. Ningbo Kaitong Industry Co., Ltd. Ningbo Yingbang Import & Export Co., Ltd. Ningbo Xinglu Environmental Protection Technology Co., Ltd. Xiamen Heyu Trading Co., Ltd. Shanghai Sanquan Industrial Co., Ltd. Shanghai Wurui Metal Group Co., Ltd. Shangkuang Aluminum Industry Co., Ltd. Shendiao (Ningbo) Metal Trading Co., Ltd. Suzhou Jintian Import & Export Co., Ltd. Wuxi Shijiu Aluminum Industry Co., Ltd. Wuchan Zhongda International Group Co., Ltd. CSIC Material Trade Group Guangzhou Co., Ltd. Zhongshan Hongfa Metal Co., Ltd. Zhongshan Zhichen Metal Materials Co., Ltd. 2025 SMM Glow of Nonferrous Metals Five Years Together, Weathering Storms and Sailing Side by Side; Five Consecutive Years of Hand-in-Hand Cooperation and Seamless Collaboration We would like to express our sincerest gratitude to the following companies for their unwavering support and sincere collaboration over the past five years. We look forward to continuing to work together in the future and embarking on new journeys! Anhui Huachuang Environmental Protection Equipment Technology Co., Ltd. Baoding Anbaoneng Metallurgical Equipment Co., Ltd. Ta Cheng Metal (Holdings) Limited Dongyang Meichen Industry and Trade Co., Ltd. Fen'an Aluminum Industry Co., Ltd. Fuzhou Metallurgical New High Temperature Materials Co., Ltd. Gränges Aluminium (Shanghai) Co., Ltd. Guangdong Hongbang Metal Aluminum Co., Ltd. Guangdong Hongjin New Materials Group Co., Ltd. Guangdong Jianmei Aluminum Profile Factory (Group) Co., Ltd. Guangdong GoldEx Light Alloy Co., Ltd. Guangdong Juchen Equipment Technology Co., Ltd. Press Metal International Ltd. Hebei New Lizhong Nonferrous Metals Group Co., Ltd. Hubei Xinjinyang Resources Group Co., Ltd. Hunan InnoChina Advanced Materials Co., Ltd. Jiangsu Dingsheng New Energy Materials Co., Ltd. Jiangsu Haiguang Metal Co., Ltd. Jiangsu Yatai Light Alloy Technology Co., Ltd. Jiangxi Baotai Nonferrous Metals Group Co., Ltd. Jiangxi Jinli Urban Mining Co., Ltd. Kin Kiu Aluminum Group Calderys Refractories (China) Co., Ltd. Lanxi Boyuan Metal Co., Ltd. Luoyang Longding Aluminum Industry Co., Ltd. Nantong Zhongfu New Materials Technology Co., Ltd. Xiamen Xiashun Aluminum Foil Co., Ltd. Shandong Hongchuang Aluminum Holdings Co., Ltd. Shandong Lixin New Materials Co., Ltd. Shanxi Keyuan Carbon Co., Ltd. Shanghai Giant Alloy Materials Recycling Co., Ltd. Suzhou Norida New Materials Technology Co., Ltd. Vesuvius Foundry Technologies (Jiangsu) Co., Ltd. Wenxi County Kailida Trading Co., Ltd. Wuxi Pinsheng Metal Products Co., Ltd. Wuxi City Lunsheng Materials Co., Ltd. Xuzhou Jieke Aluminum Industry Co., Ltd. Xuzhou Tianyi Metal Flux Factory Xuzhou Yongsheng Metallurgical Materials Co., Ltd. Zhaoqing Southern Aluminum Recycling Co., Ltd. Zhejiang Lanwei Environmental Protection Technology and Equipment Co., Ltd. Zhongyi Fengjinyi (Suzhou) Technology Co., Ltd. Zhongzhu New Materials Industry (Jiangsu) Co., Ltd. Chongqing Jiantao Aluminum Industry Co., Ltd. Chongqing Shunbo Aluminum Alloy Co., Ltd. AICE 2026 SMM (21st) Aluminum Industry Conference & Aluminum Industry Expo See you next April!

China's aluminum industry originated in the north-east China in the 1950s. After more than 70 years of relentless efforts and struggles by several generations, it now stands proudly at the forefront of the world in many fields such as capacity, production, consumption, and R&D of new materials. To pay tribute to the predecessors and industry leaders who have made outstanding contributions to the development of China's aluminum industry, SMM Information & Technology Co., Ltd. (SMM ) joined hands with China Technology Innovation Strategic Alliance for Resources Recycling Industry (CIAR ), Shanghai Aluminum Industry Association , Suzhou Die Casting Association , and Guangdong (Nanhai) Aluminum Processing Industry Alliance to organize a specially established nomination award, "Wings of Soaring・Backbone of a Great Nation - 2025 SMM Chalco Meritorious Figures ", at this event, to express their high respect. The selection is divided into four awards: Lifetime Achievement Award : For industry association personnel aged 60 and above who have made outstanding contributions to the industry. They are the bridgeheads connecting the government and enterprises. Mount Tai Award : For entrepreneurs and industry experts aged 60 and above who have made outstanding contributions to the industry; they represent the glorious history of industry development. Cornerstone Award : For entrepreneurs and industry experts aged 40-60 who have made outstanding contributions to the industry; they are the mainstay of the industry now. Rising Star Award : For entrepreneurs or industry experts under the age of 40 who have made outstanding contributions to the industry; they represent the future of the industry. After the winners were selected, a grand award ceremony was held for the "Wings of Soaring・Backbone of a Great Nation - 2025 SMM Chalco Meritorious Figures" winners at the AICE 2025 SMM (20th) Aluminum Industry Conference and Aluminum Industry Expo, hosted by SMM, Shanghai Nonferrous Metals Trading Center, and Shandong Aisi Information Technology Co., Ltd., and co-organized by Zhongyifeng Jinyi (Suzhou) Technology Co., Ltd. and Lezhi Qianrun Investment Service Co., Ltd. ! Wings of Soaring・Backbone of a Great Nation 2025 SMM Chalco Meritorious Figures Rising Star Award Shanghai Giant Alloy Materials Recycling Co., Ltd. Kaiju Huang Guangdong Hongjin New Materials Group Co., Ltd. Manxing Kuang Fen'an Aluminum Industry Co., Ltd. Fen Huang Guangdong GoldEx Light Alloy Co., Ltd. Baowen Pan Yongda Yuan presented the awards to the winners~ Wings of Soaring・Backbone of a Great Nation 2025 SMM Chalco Meritorious Figures Cornerstone Award Shanghai CSMET New Materials Group Co., Ltd. Shuai Cheng Shandong Innovation Group Co., Ltd. Lixin Cui Yongjie New Materials Co., Ltd. Jianguo Shen Henan Shenhuo Group Co., Ltd. Wei Li Yidian Holding Group Co., Ltd. Bin Huo Shang Magnesium Network/Shangqing Times Metal Information Consulting (Beijing) Co., Ltd. Chunming Dong Shilong Li, Shangen Zhang presented the awards to the winners~ Wings of Soaring・Backbone of a Great Nation 2025 SMM Chalco Meritorious Figures Mount Tai Award Jiangxi Baotai Nonferrous Metals Group Co., Ltd. Baotai Peng Henan Mingtai Aluminum Co., Ltd. Tingyi Ma Chongqing Shunbo Aluminum Alloy Co., Ltd. Zhenjian Wang Zitao Wang presented the awards to the winners~ Wings of Soaring・Backbone of a Great Nation 2025 SMM Chalco Meritorious Figures Lifetime Achievement Award Lw Aluminum Processing Technology Center Zitao Wang Shanghai Aluminum Industry Association Yongda Yuan China Nonferrous Metals Industry Association, Shandong Aluminum Industry Association Wenjun Xian China Technology Innovation Strategic Alliance for Resources Recycling Industry (CIAR) Shilong Li Suzhou Die Casting Association Shangen Zhang Guangdong (Nanhai) Aluminum Processing Industry Alliance Jiyan Lu SMM CEO Logan Lu presented the awards to the winners~ SMM congratulates the above winners and looks forward to more industry colleagues participating to jointly promote the healthy development of the industry! Click to view the special report on AICE 2025 SMM (20th) Aluminum Industry Conference and Aluminum Industry Expo

On April 17, the AICE 2025 SMM (20th) Aluminum Industry Conference and Aluminum Industry Expo, hosted by SMM Information & Technology Co., Ltd. and SMM Metal Trading Center, opened in Suzhou. During the conference, the grand 2025 SMM China Aluminum Industry Meritorious Figures Award Ceremony was held to honor entrepreneurs and industry experts who have made outstanding contributions to the industry. Mr. Dong Chunming, General Manager of Shangqing Times Metal Information Consulting (Beijing) Co., Ltd. and founder of Shang Magnesium Network, was awarded the "Cornerstone Award." Logan Lu, CEO of SMM, presented the award to Dong Chunming on behalf of the event organizers. The selection event was jointly organized by SMM, China Technology Innovation Strategic Alliance for Resources Recycling Industry (CIAR), Shanghai Aluminum Industry Association, Suzhou Die Casting Association, and Guangdong (Nanhai) Aluminum Processing Industry Alliance. The event specially established the "Wings of Soaring, Backbone of the Nation - 2025 SMM China Aluminum Industry Meritorious Figures" award to pay tribute to those who have made outstanding contributions to the development of China's aluminum industry. The award is divided into the Lifetime Achievement Award, Mount Tai Award, Cornerstone Award, and Rising Star Award. Mr. Dong Chunming currently serves as the General Manager of Shangqing Times Metal Information Consulting (Beijing) Co., Ltd., ASI Advisor of the Aluminium Stewardship Initiative, China Coordinator of the Global Aluminum Foil Producer Initiative, and founder of Shang Magnesium Network. He is also a standing council member of the Magnesium Alloy Branch of the Chinese Materials Research Society, an expert of the China Nonferrous Metals Processing Industry Association, and a member of the Expert Committee of the Shanghai Aluminum Industry Association. Mr. Dong Chunming has long been engaged in the research, information consulting, and business services of the aluminum and magnesium light metal industry and market, providing related services to many domestic and overseas enterprises and institutions. At the same time, he actively advocates and practices public welfare in the aluminum and magnesium industry, continuously voicing and making suggestions for industry development, promoting the application of China's advantageous aluminum and magnesium metals, disseminating sustainable development concepts and information in the industry, promoting international exchanges and cooperation in the industry chain, and participating in organizing several important industry activities and projects, making many beneficial contributions to the development of the industry. This award is a positive affirmation and commendation from the organizing unit for his long-term silent dedication and unremitting efforts.

[Weekly Review of Aluminum Scrap and Secondary Aluminum: Price Difference Between Primary Metal and Scrap Widened During the Week, Insufficient Demand Recovery Limited ADC12's Uptrend] This week, aluminum scrap prices fluctuated slightly along with primary aluminum, with the price center remaining at a high level. The market mainly operated on a need-based purchase approach, and the price difference between primary metal and scrap widened.

[Weekly Review of Aluminum Scrap and Secondary Aluminum: Weak Order Growth, Secondary Aluminum Prices Encounter Resistance] In the short term, the domestic aluminum scrap market is in a state of recovery in both supply and demand. Recently, primary aluminum prices have fluctuated upward, with aluminum scrap prices adjusting accordingly. Considering the upcoming "Golden March and Silver April," downstream demand is expected to improve, and aluminum scrap prices are likely to fluctuate at highs.

[Weekly Review of Aluminum Scrap and Secondary Aluminum: Insufficient Orders Suppress Market Sentiment, Secondary Aluminum Prices Fluctuate Downward] This week, downstream purchasing gradually resumed, but constrained by high prices and the lack of significant improvement in downstream demand, the market maintained purchasing as needed. During the period, aluminum scrap prices overall fluctuated in line with aluminum prices. Considering the moderate willingness of downstream purchasing, aluminum scrap price fluctuations were limited. Mid-week, as the price center of primary aluminum adjusted downward, the price difference between primary metal and scrap fluctuated rangebound.