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Overnight, the Shanghai aluminum 2001 contract fluctuated at a high level, and the position and trading volume did not change much
.
At present, domestic aluminum inventory has entered the consumption season, aluminum social inventory from the previous Spring Festival holiday accumulation of 1.
66 million tons of storage around the current 600,000 tons, the recent destocking progress is better than market expectations, aluminum prices below the obvious support, the current alumina price is weak, electrolytic aluminum smelting cost is low, corporate profits are expected to make the later electrolytic aluminum production capacity resumption of worry remains
.
Industry News:
1.
CNMC is accelerating the divestment of non-performing assets and promoting asset restructuring
.
Last week, CNMC announced that it agreed to apply to the people's court for the bankruptcy reorganization
of its holding subsidiary, China Nonferrous Metals (Shenyang) Metallurgical Machinery Co.
, Ltd.
, as a creditor.
As of the end of September this year, Shenye Machinery has been seriously insolvent, with total liabilities of 3.
265 billion yuan, total assets of 2.
315 billion yuan, and an asset-liability ratio of 141.
05%.
According to the announcement, Shenye Machinery intends to introduce strategic investors with advantages in financial strength and market channels, and inject appropriate funds
into the company.
After the completion of the restructuring, the strategic investors introduced will control the production and operation of Shenye Machinery and ensure that the company can carry out normal production operations
.
2.
There are 4 electrolytic aluminum production enterprises verified by the Department of Industry and Information Technology of the autonomous region, including Guangxi Baikuang Aluminum Industry Co.
, Ltd.
in 2018 aluminum liquid electrolysis AC power consumption of 13577 kWh per ton; Guangxi Debao Bai Mine Aluminum Co.
, Ltd.
, Guangxi Tianlin Bai Mine Aluminum Co.
, Ltd.
, Guangxi Hualei New Materials Co.
, Ltd.
and other 3 enterprises are in the trial production stage, have not yet completed construction or have not passed the completion acceptance, and the AC power consumption of electrolytic aluminum liquid in 2018 will not be standardized
.
According to this, the above-mentioned 4 electrolytic aluminum enterprises did not implement the tiered electricity price policy
for the 2019 aluminum liquid electrolysis electricity consumption.
Shanghai aluminum short-term breakthrough to the upside, mainly the recent continuous destocking, the result of the marginal improvement of fundamentals, the current domestic aluminum ingot social inventory has fallen back to a low of 600,000 tons, the outbound volume continues to be higher than the same period of previous years, this strong pattern is expected to continue
during the week 。 However, in the medium and long term, the formation of electrolytic aluminum trend upward momentum is insufficient, the Spring Festival is approaching, the destocking cycle of aluminum ingots is expected to end in 2-3 weeks, when the seasonal accumulation will start again, and next year electrolytic aluminum is planned to put into production capacity is huge, raw material end oversupply price continues to decline, electrolytic aluminum profit scale continues to expand, short profit is supported
.
At present, the reverse structure of the Shanghai aluminum contract is very clear, the market is pessimistic about the long-term, and the short-term upward momentum of Shanghai aluminum is expected to be limited
.
