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On Wednesday, the Shanghai aluminum shock operation closed the doji, the market trading is general, recently stimulated by the news of a sharp interest rate hike in the periphery, the bearish atmosphere is strong, and the technical repair
after the market falls.
On the macro side, large-scale new production capacity has become a hot spot
for the alumina industry in 2022.
In only half a year, 7.
2 million tons/year of new production capacity has been put into production, and it is expected that the new scale will reach 8 million tons/year throughout the year
.
Such a large-scale increase in production occurred in the years after 2005, when various capitals entered in large numbers, driven by alumina demand, and China's alumina industry developed
rapidly.
With the resumption of work and production, the operating rate of aluminum processing enterprises recovered month-on-month, but overseas demand faced downward pressure
.
In terms of inventory, the social inventory of aluminum ingots at home and abroad is at a low level, and domestic aluminum ingots maintain destocking, which forms a certain support
for aluminum prices.
The impact of repeated pledging events has faded in recent days, but market concerns remain.
At present, the domestic aluminum market consumption has not improved significantly, and the pressure of capacity growth still exists, which has suppressed
aluminum prices.
