Alumina fluctuated upward, with the AO2505 contract closing at 2,837 yuan/mt overnight, up 0.6%, and open interest decreased by 3,555 lots to 222,000 lots. SHFE aluminum was in the doldrums, with the AL2506 contract closing at 19,755 yuan/mt overnight, with no change. Open interest decreased by 1,620 lots to 212,000 lots. Spot side, SMM alumina prices slightly rebounded to 2,883 yuan/mt. Spot premiums for aluminum ingots narrowed to 40 yuan/mt, while Foshan A00 prices fell back to 19,830 yuan/mt, at a discount of 10 yuan/mt to Wuxi A00. Downstream aluminum billet processing fees remained stable in most regions, with Guangdong and Wuxi seeing a full-line reduction of 10-20 yuan/mt. Aluminum rod 1A60 processing fees remained stable, while 6-series and 8-series processing fees held steady, and low-carbon aluminum rod processing fees decreased by 51 yuan/mt. The scale of alumina maintenance expanded but the duration continued to shorten, providing limited relief to the surplus situation. The market is expected to continue fluctuating, with range trading and shorting distant contracts being the main strategies, while monitoring cost support and marginal supply increments. Factors such as disrupted shipments in Xinjiang and downstream buying the dip and restocking led to a record-high weekly destocking volume of aluminum ingots this year, but expectations of a slowdown as the peak season nears its end remain. As the tariff policy adjustment phase begins, aluminum prices have entered a range consolidation mode. It is recommended to focus on selling high and buying low within the range.

Alumina was in the doldrums, with the AO2505 contract closing at 2,816 yuan/mt overnight, down 0.81%, and open interest decreased by 744 lots to 132,000 lots. SHFE aluminum was also in the doldrums, with the AL2505 contract closing at 19,680 yuan/mt overnight, down 0.18%, and open interest increased by 3,445 lots to 204,000 lots. On the spot side, SMM alumina prices continued to retreat to 2,868.5 yuan/mt. Spot premiums for aluminum ingots shifted from 20 yuan/mt to a discount of 40 yuan/mt, with Foshan A00 prices rebounding to 19,740 yuan/mt, on par with Wuxi A00. Downstream aluminum billet processing fees remained stable in Henan, increased by 20 yuan/mt in Linyi, and decreased in Xinjiang, Baotou, Nanchang, Wuxi, and Guangdong by 30-120 yuan/mt. Aluminum rod 1A60 processing fees remained stable, while 6/8-series processing fees were unchanged, and low-carbon aluminum rod processing fees increased by 179 yuan/mt. Alumina experienced concentrated maintenance, but both warrants and raw material inventories at aluminum plants were on the rise. Alumina supply tightened but failed to reduce inventory, with the decline halting but the rebound insufficient. The U.S. announced exemptions for some products from reciprocal tariffs, alleviating market panic sentiment and gradually returning to a fundamental perspective. After a sharp decline in aluminum prices, downstream restocking volumes significantly increased, and aluminum prices rebounded amid destocking. Due to tariffs, some end-users adopted a cautious wait-and-see approach, making it relatively difficult to negotiate new export orders at this stage. Additionally, with the distributed PV installation rush approaching the 430 period, consumption faces gradual deceleration pressure. Spot prices have shifted from premiums to discounts, and excessive rush to buy amid continuous price rises should be approached with caution.

SHANGHAI, Apr 11 (SMM) – The daily changes of SMM alumina prices are as below.

SHANGHAI, Apr 10 (SMM) – The daily changes of SMM alumina prices are as below.

SHANGHAI, Apr 7 (SMM) – The daily changes of SMM alumina prices are as below.

SHANGHAI, Mar 31 (SMM) – The daily changes of SMM alumina prices are as below.

SHANGHAI, Mar 30 (SMM) – The daily changes of SMM alumina prices are as below.

SHANGHAI, Mar 24 (SMM) – The daily changes of SMM alumina prices are as below.

SHANGHAI, Mar 23 (SMM) – The daily changes of SMM alumina prices are as below.

SHANGHAI, Mar 21 (SMM) – The daily changes of SMM alumina prices are as below.