Aluminum Market Sees Steady Prices, Supported by Rising Demand and Supply Chain Disruptions
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Aluminum prices remain stable across global markets, with slight fluctuations in LME, SHFE, and MCX. Positive macroeconomic factors and tight supply are expected to drive prices upward in the near term. Meanwhile, the US Federal Reserve's interest rate cut has bolstered the market, improving sentiment.
Aluminum Price
- As of last day, LME opened at $2521.5 /ton & closed at $2540 /ton. Today LME opened at $2345/ton. As of last day, SHFE opened at 20,105 Yuan/ton and closed at 20,080 Yuan/ton. As of today, SHFE opened at 20,035 Yuan/ton.
- As of last day, MCX closed at Rs 231.75/Kg. Today, the market opened at Rs 231.85/Kg.
Aluminum Supply & Demand
- China's imports of unwrought aluminum and aluminum products rose by 1.9% in August, reaching 280,000 tons year-on-year, according to customs data released on Wednesday.
- In total, imports for the first eight months of this year amounted to 2.58 million tons, a 51% increase compared to the same period last year, as reported by the General Administration of Customs. This figure includes both primary metal and unwrought, alloyed aluminum.
- Additionally, imports of bauxite, a key raw material for aluminum production, surged by 34.4% in August to 15.55 million tons. For the first eight months of the year, bauxite imports rose by 11.8%, totaling 107.86 million tons.
Aluminum News
- The Aluminium Alloy Ingot market in Asia has seen positive growth recently, with rising prices driven by higher scrap prices and a generally optimistic market outlook. The Federal Reserve's interest rate cut this month has also helped market growth.
- In Malaysia, Aluminium Alloy Ingot prices increased by 0.5% in the second week of September. However, a fire occurred at Press Metal Aluminium Holdings' phase 3 smelter in Samalaju Industrial Park on September 9th. The company indicated that around 9% of its total smelting capacity across Samalaju and Mukah was affected. It is expected to take four months to repair the damage.
Expert Opinion
- On the macroeconomic front, the US Federal Reserve's rate cut was implemented as anticipated, with the reduction slightly surpassing market expectations. This led to an initial surge in overseas metal prices, followed by a pullback. Domestically, attention is shifting toward the upcoming adjustments to the Loan Prime Rate (LPR), which is improving macro sentiment and benefiting the metals market.
- In terms of fundamentals, the domestic aluminum supply has seen a slight increase, bolstered by the peak season from September to October, while downstream consumption remains positive. Aluminum social inventories have entered a destocking phase, indicating a favorable supply-demand balance for aluminum in the coming months. Furthermore, disruptions in alumina supply and tight spot availability continue to support upward fluctuations in alumina prices, providing a cost-driven boost for aluminum. Overall, given the positive macro conditions and strong fundamentals, the aluminum market is expected to experience upward fluctuations in the short term.
Daily Market Report
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