SunSirs: The Supply and Demand Side Was Weak, and Aluminum Prices Had Fallen This Week

https://www.chemnet.com   Jul 15,2024 SunSirs

Aluminum prices had fallen this week

Aluminum prices had decreased this week. According to the Commodity Market Analysis System of SunSirs, the average price of aluminum ingots in the East China market on July 11, 2024 was 20,013.33 RMB/ton, a decrease of 1.88% from the market average price of 20,396.67 RMB/ton at the beginning of the week (July 7).

According to this month's data, aluminum prices first rose and then fell, with a decrease of 0.58%.

Supply and demand fundamentals

On the supply side, there was a significant increase in ingot production in Qinghai, Guizhou and other regions in June. Based on current market expectations for aluminum alloys and feedback from enterprises, it is expected that domestic ingot production will continue to increase in July.

On the demand side: The domestic aluminum processing industry was mainly operating at a weak pace, with profile enterprises generally maintaining low operating rates and fewer industry orders. The industry orders for curtain wall panels and other sectors had significantly declined, and some small enterprises had reported a situation of production stoppage and reduction.

Inventory data: On July 11th, the social inventory of electrolytic aluminum in China's major markets was 776,000 tons, an increase of 14,000 tons from 762,000 tons on July 1st. On July 11th, the total spot inventory of aluminum alloys in China's major markets was 28,300 tons, an increase of 1,000 tons from July 4th.

Market outlook

In the short term, aluminum prices will fluctuate to be weaker.

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