Aluminum prices remained weak in December. According to the Commodity Market Analysis System of Shengyi Society, as of December 30, 2024, the average price of aluminum ingots in the East China market in China was 19713.33 yuan/ton, a decrease of 3.24% compared to the market average price of 20373.33 yuan/ton on December 1.
Three factors contributing to the weak downward trend of aluminum prices in December:
The weak downward trend in aluminum prices in December was mainly caused by three factors. Firstly, aluminum prices rose in early November, reaching a new high for the year. However, the actual demand from downstream terminals was lower than expected, which led to resistance to high priced raw materials and intensified competition in the upstream and downstream of the industrial chain; Secondly, due to the cancellation of export tax rebates for downstream aluminum products, there is an expectation of weakened export demand in the short term. At the same time, there is a strong expectation of tax increases in the United States, which suppresses prices; The third is the main driving force behind the upward trend of aluminum ingots, and the expectation of sustained cost increases is weakening.
List of Domestic Inventory Data for Aluminum Ingots
In December, the total inventory of domestic aluminum ingots decreased slightly. As of December 30th, the social inventory of electrolytic aluminum in the mainstream domestic market was 473000 tons, compared to 553000 tons on November 31st, and 80000 tons were sold out.
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