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Recently, aluminum prices have come under pressure and are greatly affected by the macro of the external market
.
Domestic supply continued to increase, Inner Mongolia, Yunnan and other regions started production capacity rebounded, continued to promote the resumption of production and new production process
.
On the macro front, Fed Chairman Jerome Powell said at a press conference that a 75 basis point rate hike is still possible in July, but he stressed that such a rate hike is difficult to sustain and will not become the
norm.
On the supply side, China's total primary aluminum output in May reached 3.
423 million tons, an increase of 3.
1% year-on-year, and the output reached a new high
.
The main reason is that after entering March, Yunnan, Guangxi and other places have resumed production and added new production capacity, and it is expected that there is still room
for growth on the domestic supply side.
It is expected that by the end of June, the domestic electrolytic aluminum operating capacity will reach around 40.
76 million tons, and the domestic electrolytic aluminum production in June is expected to reach 3.
34 million tons, a year-on-year increase of about 3.
7%.
In terms of demand, the operating rate of domestic aluminum downstream processing leading enterprises last week continued to increase slightly by 0.
4 percentage points to 66.
9%
compared with last week.
Last week, only the recycled alloy sector decreased slightly due to poor demand and high costs
.
Overall, as the impact of the epidemic continues to lessen, superimposed aluminum prices fell back to around 20,000 yuan / ton during the week, some downstream bargain hunting, cost slightly eased, driving downstream processing enterprises to continue to rise
.
In terms of inventory, domestic social treasury data show that inventories have remained degraded, overseas due to energy prices continue to fluctuate, it is more difficult for overseas electrolytic aluminum enterprises to resume production under high costs, and LME inventories continue to decline
.
Aluminum prices fell during the week, market trade was active, and downstream goods were purchased
.
In terms of regions, the debasement areas are still mainly Wuxi, Foshan and Shanghai
.
Overall, the current domestic aluminum price is dragged down by macro pressure and poor domestic spot transactions, and consumption may improve with policy support, and it is recommended to treat it with a wait-and-see approach in the short term
.
