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Last week, Shanghai aluminum still performed first and then rose, the rumors of a weak spot market and dumping under the high aluminum price in the first half of the week continued to ferment, demand was suppressed to a certain extent, and the high price of aluminum fell, but with the Biden administration's infrastructure plan and the bright performance of overseas economic data, the price strengthened again
.
The trend of aluminum ingot destocking in the middle of the week did not continue, and the inventory increased by 0.
8 to 1.
251 million tons from last week, and the restraining effect on demand under high prices was highlighted
.
However, from the perspective of the operating rate of processing enterprises, the overall continued recovery, especially the previously weak profiles and cables have recovered momentum, orders have gradually improved, demand is still on the road to recovery, rigid demand still supports strong demand
.
Overseas, the three major consumption places of Europe, the United States and Japan continue to rise, although the blockage of the Suez Canal has a certain impact, but the rigid demand brought by the sustained economic recovery is the main logic
.
On the supply side, the closure of the import window has caused some of the recent arrivals to be hoarded in the bonded zone, and some have directly flowed downstream, while the pace of domestic new construction and resumption of production accelerated in the second quarter.
Alumina prices remained stable, only Shanxi rose slightly in the middle of the week, the spot market circulation was less, the willingness of electrolytic aluminum plants to receive goods was not strong, and the overall trading was cold
.
In the second quarter, the operating capacity of electrolytic aluminum continued to rise, and demand was still increasing, but the same alumina plant in Guangxi had new investment expectations, and the price was difficult to rise sharply and continue to maintain low operation
.
Recently, high aluminum prices have begun to gradually transmit to the terminal, and it still takes some time, so the continuity of destocking is general, and there is a small accumulation
in the middle of the week.
However, as the price falls, the downstream just need to purchase is not weak, while the two major demand sectors of construction and cable have a recovery trend, destocking is still the mainstream, so the next two quarters demand expectations are still relatively optimistic, the aluminum price to form a support, if there is no macro obvious disturbance, aluminum prices will fluctuate strongly
.
