Aluminum prices soared sharply, and the downstream wait-and-see was the mainstay

Yesterday, the price of aluminum soared sharply, and once touched the limit
of increase.
Because Inner Mongolia's carbon emissions exceeded the standard last year, it was required to reduce emissions and lead to electrolytic aluminum plant production restrictions, it is understood that the current impact on output is only more than 100,000 tons, the actual impact is not large, but due to the concentration of high-energy-consuming industries in Inner Mongolia, the pressure to reduce production is large, this year it is expected that Inner Mongolia will put on a new electrolytic aluminum production capacity of 600,000 tons, which may be variable
.

In terms of spot, LME aluminum spot premium was $16.
25/ton, compared with a discount of $15.
37/ton
in the previous session.
According to SMM, East China spot holders are actively shipping, and market liquidity is increasing rapidly, but the actual transaction price is mainly around the discount of 50 yuan / ton in the month, and the spot transaction price is concentrated around 17510-17530 yuan / ton before the afternoon
.
Compared with the positive shipment of the holders, the procurement of downstream processing enterprises is obviously unfavorable with the rise, and the wait-and-see atmosphere is strong, except for a small number of downstream on-demand purchases, other downstream processing collectives are mainly "silent"
.

In terms of stocks, LME aluminum ingot stocks decreased by 0.
54 million tons to 1.
3377 million tons
on February 23.
According to my nonferrous metals, on February 22, the domestic social stock of aluminum ingots increased by 123,000 tons to 1.
057 million tons
compared with before the holiday.

Aluminum prices rose sharply and wait-and-see downstream, aluminum ingot spot has declined, the overall inventory has maintained the accumulation trend unchanged, and the accumulation range has not significantly exceeded expectations
.
On the supply side, the supply side of electrolytic aluminum has maintained a steady rise, overall, aluminum inventories are still at a relatively low level, the increase in the supply of aluminum ingots in the first quarter is limited, and overseas orders are still picking up month-on-month, the epidemic in the United States has also shown an inflection point, post-holiday consumption expectations are optimistic, under good consumption expectations, aluminum prices are expected to support strongly
.