Aluminum prices fell back to pay attention to the recovery of downstream demand

Overseas, the United States recently announced that it will continue to sanction Russia, imposing additional tariffs
of 10.
5%-11% on all U.
S.
primary aluminum imports from Russia.
The situation in Russia and Ukraine has not yet made substantial progress, but the energy logic still has some support
for the external aluminum price.

On the supply side, the current profit of electrolytic aluminum is still at a high level, the profit margin has narrowed slightly, the starting capacity of Yunnan, Guangxi and other places continues to rise, the output is released one after another, and the supply pressure continues
.

In terms of consumption, the operating rate of weekly aluminum downstream leading processing enterprises decreased by 3.
3% to 64.
5% month-on-month, and it is necessary to pay attention to the recovery of transportation in the later period and the pre-holiday stocking situation
of the downstream.

In terms of inventory, domestic social treasury data shows that inventory has been slightly destocked
.
Overseas inventories fell to around 590,000 tonnes, a historic low
.
As of April 21, domestic aluminum ingot stocks were 1.
041 million tons, down 42,000 tons
from the previous week.
As of April 21, LME aluminum stocks fell by 0.
24 million tons from the previous session to 589,700 tons
.

In terms of price, the current aluminum market is affected by the epidemic There is a phased mismatch between supply and demand, and it is recommended to treat it with a wait-and-see approach in the short term, and it is expected that consumption will improve as the epidemic eases and the backlog of orders is released from terminals and downstream
.