[SMM Cast Aluminum Alloy Morning Comment: In March, the Secondary Aluminum Industry PMI Rebounded Sharply Into Expansion Territory, and Downward Pressure Remained in April] Overnight, the aluminum alloy 2605 contract price first fell and then rose, showing an overall fluctuating upward trend. After the opening, the price quickly dipped to an intraday low of 23,320 yuan/mt, then gradually stabilized and rebounded, fluctuating upward to a high of 23,610 yuan/mt. It pulled back slightly late in the session and finally closed at 23,585 yuan/mt, down 45 yuan/mt from the previous trading day, a decline of 0.19%.

[SMM Newsflash] SHFE data showed that as of March 30, the total registered volume of cast aluminum alloy warrants was 35,207 mt, a decrease of 1,477 mt from the previous trading day. Among them, the total registered volume in Shanghai was 2,152 mt, down 120 mt from the previous trading day; Guangdong was 14,961 mt, down 787 mt; Jiangsu was 2,946 mt, down 120 mt; Zhejiang was 10,277 mt, down 450 mt; Chongqing was 3,634 mt, an increase of 0 mt; Sichuan was 1,237 mt, an increase of 0 mt.

On March 27, the 2026 SMM (21st) Lead & Zinc Conference and Industry Expo, organized by SMM, wrapped up successfully at Howard Johnson Agile Plaza in Chengdu, Sichuan!

[SMM Cast Aluminum Alloy Morning Comment: Escalating Geopolitical Risks in the Middle East, ADC12 Expected to Hold Up Well in the Short Term] On the macro front, the Taweelah complex of Emirates Global Aluminium (EGA) in the UAE suffered severe damage in Iranian missile and drone attacks. Amid macro disruptions, ADC12 prices were expected to continue holding up well in the short term. Going forward, close attention should be paid to the impact of developments in the Middle East on aluminum prices and the pace of downstream consumption recovery.

[SMM Flash News] SHFE data showed that as of March 27, the total registered volume of cast aluminum alloy warrants was 36,684 mt, down 2,351 mt from the previous trading day. By region, the total registered volume was Shanghai (2,272 mt, down 152 mt), Guangdong (15,748 mt, down 452 mt), Jiangsu (3,066 mt, down 332 mt), Zhejiang (10,727 mt, down 1,415 mt), Chongqing (3,634 mt, increase 0 mt), and Sichuan (1,237 mt, increase 0 mt).

Recently, the official website of the Gaoxian County People's Government in Yibin City, Sichuan Province, released the first public notice for the environmental impact assessment of the "Gaoxian County 80,000-ton Spent Lithium Battery Dismantling and Comprehensive Utilization Project" undertaken by a new energy company in Sichuan. According to the public notice, the new energy company has a total investment of 300 million yuan. The construction site is located in the Yibin Circular Economy Industrial Park. The project involves building 10 battery dismantling and battery crushing production lines, achieving an annual production scale of dismantling and comprehensively utilizing 80,000 tons of spent lithium batteries.

On March 25, the Sichuan Qimingxing 100 MW/200 MWh user-side ESS project, invested in and developed by the Municipal Industrial Investment Company, officially broke ground at the plant of Sichuan Qimingxing Aluminum Co., Ltd. The project was a key undertaking jointly developed by Meishan Industrial Investment Company and Sichuan Qimingxing, with a total investment of approximately 180 million yuan and a site area of about 30 mu, and adopted a technologically mature and performance-stable LFP battery BESS. Upon completion, the project is expected to deliver annual discharge of about 100 million kWh, effectively optimizing the enterprise's power consumption structure and improving the reliability of power supply.

[SMM Cast Aluminum Alloy Morning Comment: Cost and Demand in a Tug-of-War, ADC12 Under Short-Term Pressure] Spot side, yesterday the ADC12 market remained in the doldrums, with mainstream enterprises generally lowering quotations by 100–200 yuan/mt. Currently, demand remains weak, with insufficient order follow-through, while downstream procurement is mainly driven by rigid demand, and wait-and-see sentiment is relatively strong. Meanwhile, affected by poor orders, enterprises faced greater shipment pressure, low-priced cargo gradually increased, market competition intensified, and the price center moved downward passively. Overall, as demand has yet to show any clear improvement, ADC12 prices will remain under pressure, with weak short-term fluctuations likely to dominate.

[SMM Flash News] SHFE data showed that as of March 26, the total registered volume of cast aluminum alloy warrants was 39,035 mt, down 1,390 mt from the previous trading day. By region, the total registered volume was 2,424 mt in Shanghai, down 211 mt from the previous trading day; 16,200 mt in Guangdong, down 486 mt; 3,398 mt in Jiangsu, down 210 mt; 12,142 mt in Zhejiang, down 423 mt; 3,634 mt in Chongqing, down 30 mt; and 1,237 mt in Sichuan, down 30 mt.

[SMM Flash News] SHFE data showed that as of March 25, the total registered volume of cast aluminum alloy warrants was 42,944 mt, down 2,519 mt from the previous trading day. By region, the total registered volumes were Shanghai (2,635 mt, down 120 mt), Guangdong (16,686 mt, down 571 mt), Jiangsu (3,608 mt, down 601 mt), Zhejiang (12,565 mt, down 1,107 mt), Chongqing (3,664 mt, down 60 mt), and Sichuan (1,267 mt, down 60 mt).