Tariff disruptions continue to overlap with domestic aluminium ingot inventory buildup, putting short-term pressure on aluminium prices and causing fl
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Update time : 2025-07-14 14:09:00
Tariff Disruptions Continue to Overlay Domestic Aluminum Ingot Inventory Buildup, Aluminum Prices Under Short-Term Pressure and in the Doldrums] On the macro side, the domestic favourable atmosphere remains unchanged, while the impact of overseas tariffs requires vigilance. On the fundamental side, domestic operating capacity of electrolytic aluminium slightly decreased due to replacement projects, with the proportion of liquid aluminium dropping to 74.78% and the volume of casting ingot increasing. On the cost side, there has been an upward trend recently due to the rise in alumina prices. On the demand side, the off-season atmosphere is strong in most downstream sectors. With aluminium prices rising during the off-season, the inhibition on demand has become more pronounced, and the operating rate in the aluminium processing sector remains sluggish. Additionally, the social inventory of domestic electrolytic aluminium ingots has once again shifted to an inventory buildup trend. SMM predicts that aluminium prices will mainly be in the doldrums in the short term, with subsequent focus on changes in inventory and demand.
Futures Market: On the previous trading day's night session, the most-traded SHFE aluminium 2508 contract opened at RMB 20,640 per tonne, with a high of RMB 20,695 per tonne, a low of RMB 20,635 per tonne, and closed at RMB 20,645 per tonne. Trading volume was 31,800 lots, and open interest was 250,000 lots. On the previous trading day, LME aluminium opened at RMB $2,607 per tonne, with a high of $2,614/mt, a low of $2,589.5/mt, and closed at $2,602/mt.
