Before and after the Chinese New Year, the domestic spot aluminum market exhibited significant regional differentiation, with the spot price spread between South China (Foshan) and East China (Wuxi) drawing particular attention. Before the holiday, the Guangdong-Shanghai price spread reached a high of 150 yuan/mt on February 10, while by February 27 after the holiday, this spread had narrowed significantly to 10 yuan/mt.....

According to SMM, as of February 27, 2026, the days of inventories for domestic aluminum rod plants were recorded at 12.7 days, an increase of 8.6 days from before the holiday.In the first week after the holiday, the weekly operating rate of the domestic aluminum wire and cable industry rebounded to 57%, up 4 percentage points MoM, significantly higher than the pre-holiday low of 53%.

【SMM Analysis: 2026 Chinese New Year Holiday Arrangements for Copper Cathode Rod Enterprises】With the Chinese New Year holiday approaching, production and holiday schedules for most copper cathode rod enterprises during the holiday period have been finalized. SMM, through market communication and a comparison with the YoY situation in 2025, provides a detailed analysis as follows:

[SMM Silicon-Based PV Morning Meeting Summary] Wafer: The market price of N-type 18X wafers is 0.9-0.92 yuan/piece, and the price of N-type 210RN wafers is 1.05-1.1 yuan/piece. Wafer prices are largely stable, with some orders being discussed after SNEC. Upstream and downstream players are engaged in negotiations around the 0.9 yuan price point. Silicon Metal: The mainstream spot price of silicon metal remains stable. Yesterday, SMM reported that the price of oxygen-blown #553 silicon in east China was 8,000-8,300 yuan/mt, unchanged from the previous day. According to GFEX data, the total number of silicon metal warrants yesterday was 56,823 lots, a decrease of 1,097 lots from the previous day. The futures price of silicon metal continues to remain low, and the volume of warrants continues to decrease. Recently, the mainstream spot price of silicon metal has remained stable.

According to SMM, the operating rate of domestic copper wire and cable enterprises was 81.38% in May this year, up 0.07 percentage point MoM and up 13.48 percentage points YoY, which was 3.28 percentage points lower than the estimated operating rate. Among them, the operating rate of large enterprises was 87.17%.

Details of the hot topics in the aluminum market this week (May 26-29, 2025) are as follows......

[Weekly Review of Secondary Aluminum Market] This week, aluminum prices first declined and then rebounded, with A00 prices fluctuating around the 20,300 yuan/mt level, while secondary aluminum alloy prices followed the decline but not the increase.

[Silicon metal raw material market remains weak; petroleum coke prices continue to decline in the short term] Affected by the continued weakness in downstream demand and the weakening support from the cost of various raw materials, the prices of various raw materials are once again under pressure. The petroleum coke market was relatively mediocre during the week, with refineries showing ordinary sales performance, and petroleum coke prices continued to decline.

[SMM Silicone Weekly Review: Prices of Various DMC Downstream Products Decline, Trading Atmosphere in Silicone Market Cools Slightly Recently] This week, domestic DMC was quoted at 11,400-11,600 yuan/mt, with the average price rising slightly by 50 yuan/mt WoW. This week, the opening quote for DMC on the online mall of a monomer enterprise in Shandong was 11,400 yuan/mt, up 100 yuan/mt WoW. This week, other domestic monomer enterprises quoted DMC at 11,500-11,600 yuan/mt. This week, the center of domestic DMC market transactions shifted slightly upward, but after a brief rise, there was limited support for subsequent increases. Monomer enterprises focused on purchasing and destocking, with prices temporarily stagnating. However, the trading atmosphere in the market has been generally average recently, and downstream enterprises have begun to rationalize their purchases.

SMM May 21 News: Today, spot primary aluminum rebounded by 100 yuan/mt from the previous trading day. SMM A00 aluminum ingot prices closed at 20,310 yuan/mt. Regional price performances in the aluminum scrap market varied significantly. As we entered late May, with the transition between the off-season and peak season, downstream processing enterprises experienced weak order releases, and procurement was mainly driven by immediate needs. Today, the concentrated quotes for baled UBC aluminum scrap ranged from 15,250 to 15,850 yuan/mt (tax excluded), while the concentrated quotes for shredded aluminum tense scrap ranged from 15,800 to 17,300 yuan/mt (tax-exclusive prices). Regionally, prices remained stable in multiple areas such as Hubei, Guizhou, and Anhui, with no overall adjustments made. Other regions, including Shanghai, Jiangsu, Henan, and Shandong, closely tracked aluminum prices, with price adjustments ranging from 50 to 100 yuan/mt. In Jiangxi, after an overall increase in aluminum scrap prices yesterday, today's quotes remained stable without following the changes in primary aluminum prices. In terms of the price difference between A00 aluminum and aluminum scrap, the price difference between A00 aluminum and mechanical casting aluminum scrap in Shanghai narrowed by 8 yuan/mt from yesterday to 1,838 yuan/mt. The price difference between A00 aluminum and aluminum extrusion scrap in Foshan increased by 110 yuan/mt from yesterday to 1,493 yuan/mt. In the short term, the aluminum scrap market may continue to fluctuate at highs. The tight supply situation for aluminum tense scrap products is unlikely to change, providing strong price support. Wrought aluminum alloy scrap products will still be dominated by fluctuations in primary aluminum prices, with narrow adjustments expected. Overall, during the transition period between the off-season and peak season, with weak supply and demand in the market, the differentiation between product types and regional price differences may further emerge. It is necessary to remain vigilant about macro risks such as policy shifts by the US Fed, geopolitical conflicts, which may trigger sharp fluctuations in primary aluminum prices, or concentrated production cuts by domestic secondary aluminum enterprises, which may put pressure on aluminum scrap prices. 》Subscribe to view SMM metal spot historical prices