Aluminum prices are rising
Aluminum prices rose on May 22nd. According to the Commodity Market Analysis System of Business Society, the average price of domestic aluminum ingots in the East China market on May 17, 2024 was 21156.67 yuan/ton, a daily increase of 1.89%, up 3% from the market average price of 20540 yuan/ton at the beginning of the month (May 1).
Rising prices of raw alumina
Affected by the news that Rio Tinto Group has announced that its Australian Yarwun smelters and Queensland Alumina Limited have experienced force majeure in alumina shipments, with prices skyrocketing due to shortages in natural gas inventory/supply for power generation, domestic raw material alumina prices have remained strong.
The rapid increase in alumina prices has provided strong cost support for aluminum ingot prices.
Aluminum prices tend to fluctuate strongly in the future market
At present, there is not much explicit inventory of aluminum ingots in China, and the post holiday inventory situation is better than market expectations. There is expected to be an increase in supply, but due to the relatively high domestic aluminum prices and the closure of the import window, The surge in LME inventory has little impact on the domestic market. The inventory of aluminum ingots and rods in mainstream consumer areas has been slightly depleted, with good consumption expectations and a relatively balanced supply and demand in the short term; The cost side has recently received strong support, and the demand side is expected to improve. In the short term, it is expected that the market will experience strong fluctuations and operations.
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