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This week's aluminum ingot inventory recorded 1.
251 million tons, an increase of 08,000 tons from last week, and the destocking failed to continue, and the high price significantly suppressed the demand for the aluminum market
.
The operating rate of processing enterprises continued to rise slightly, the market gradually digested high aluminum prices, just needed to cash, the plate and strip foil sector continued to maintain a high operating rate, and the building profile improved month-on-month, but the operating situation was still not as good as the same period of previous years, but the high price seriously inhibited the application of the photovoltaic field, and the operating rate fell significantly
.
On the supply side, the actual reduction in smelting production in Inner Mongolia was less than expected, and the impact of dual control of energy consumption on supply was limited, but high interest rates continued to stimulate new production and resumption of production, but the mid-week import window was closed, and the pressure on overseas supply was reduced
.
Overseas primary aluminum premium soared, the United States Midwest premium hit a new high since 2016, overseas demand recovery remained optimistic
.
The inventory inflection point is expected to arrive, and the destocking range will become the focus of fundamental attention in the next stage, due to the limited actual impact of supply disruption in Inner Mongolia, coupled with the potential national reserve selling pressure, supply to weaken
price support.
However, from the perspective of the recovery of exports driven by the recovery of overseas demand and domestic demand, the demand expectation in the next two quarters is still relatively optimistic, which supports aluminum prices, and if there is no macro obvious disturbance, aluminum prices will fluctuate strongly
.
