Aluminum Prices Rise Across LME, SHFE and MCX
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Aluminum markets saw a notable increase yesterday as LME, SHFE and MCX increased. Meanwhile, China's aluminum extrusion exports rose 9.85% MoM, with India being the top destination. Looking ahead, the aluminum market remains positive, supported by macroeconomic policies and rising demand.
Aluminum Price
- As of last day, LME opened at $2535 /ton & closed at $2621.5/ton. Today LME opened at $2610/ton.
- As of last day, SHFE opened at 20,295 Yuan/ton and closed at 20,315 Yuan/ton. As of today, SHFE opened at 20,365 Yuan/ton.
- As of last day, MCX closed at Rs 239.30/Kg. Today, the market opened at Rs 240.65/Kg.
Aluminum Supply & Demand
- According to customs data, in August 2024, China's aluminum extrusion exports reached 99,100 ton, up 9.85% MoM and 7.69% YoY.
- Regarding export destinations, exports to India ranked first in August, accounting for 7.63% of the total, exports to Vietnam ranked second at 7.14%, and South Africa third at 5.54%.
- Overall, LME outperforming SHFE favored Chinese producers in expanding exports. Despite the narrowing price spread, overseas end-users continued to increase purchases to avoid future anti-dumping measures. Additionally, recent surveys reveal that Chinese aluminum processing enterprises received new overseas orders, suggesting that exports will maintain YoY and MoM growth in September.
Aluminum News
- Indonesia’s President Joko Widodo inaugurated a $941 million smelter-grade alumina refinery in West Kalimantan, jointly operated by state miner Aneka Tambang (Antam) and state-owned aluminum producer Inalum.
- Resource-rich Indonesia aims to strengthen its domestic mineral processing industry and reduce dependence on exporting raw materials.
Expert Opinion
- On the macroeconomic front, following the US Fed's interest rate cut, the domestic central bank implemented four significant monetary policies, including interest rate reductions, a lower reserve requirement ratio, and cuts to existing mortgage rates. These measures reflect the government's urgent need to combat deflation risks and stimulate economic growth, creating a positive macroeconomic environment.
- In terms of fundamentals, the domestic aluminum market has seen a slight increase in supply. With the National Day holiday approaching, there are expectations of a temporary dip in downstream consumption due to production schedules in various sectors. After the holiday, domestic aluminum inventories may experience a slight rise. However, looking at the medium and long-term production schedules, October is expected to be a peak consumption period for the industry, with demand.
Daily Market Report
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