On Monday, the most-traded SHFE Aluminium contract closed at RMB 19,685 per tonne, up 0.31 per cent. LME Aluminium rose 0.51 per cent, closing at USD 2,369 per tonne. The average spot price by SMM was RMB 19,760 per tonne, up RMB 180 per tonne, with a discount of RMB 10 per tonne.
The average spot price by Nanchu was RMB 19,740 per tonne, up RMB 180 per tonne, with a discount of RMB 30 per tonne. According to SMM, on April 15, aluminium ingot inventory stood at 724,000 tonnes, down 20,000 tonnes W-o-W from last Thursday. The aluminium billet inventory in major domestic consumption areas was 226,400 tonnes, down 8,700 tonnes W-o-W from Thursday.
On the macro front, data from the General Administration of Customs showed that China's total import and export value of goods trade in Q1 2025 reached 10.3 trillion yuan, hitting a record high for the same period and exceeding 10 trillion yuan for eight consecutive quarters, up 1.3 per cent Y-o-Y.
The US President announced that semiconductor tariff rates would be announced this week. US Fed Governor Waller stated that the Fed might be more patient with smaller tariff ranges, and an interest rate cut could occur in H2. OPEC's monthly report revised down the global economic growth forecast for 2025 from 3.1 per cent to 3 per cent and for 2026 from 3.2 per cent to 3.1 per cent.
The expansion of Trump's tariff exemption list continued to cool market risk sentiment. However, Trump announced yesterday that tariffs would be imposed on semiconductors, and the ‘tariff storm’ has not completely dissipated. Concerns about a global economic slowdown and declining demand remain. On the fundamental side, the aluminium ingot inventory continued to increase significantly this week.
Downstream purchasing willingness was strong at low price points, and orders from aluminium processing enterprises were moderate, providing fundamental support. Aluminium prices face both macro pressure and short-term support, and a sideways movement is expected in the near term.
Note: This article has been issued by SMM and has been published by AL Circle with its original information without any modifications or edits to the core subject/data.
Responses
