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Aluminum prices remained strong yesterday, breaking through the 19,000 yuan / ton mark during the day
.
The main contract of Shanghai aluminum fluctuated higher during the day, refreshing a new high of 19120 yuan / ton in one and a half months, closing up 2.
66%.
Recently, the European energy crisis has intensified and the domestic power supply continues to be tight, and the supply and demand side disturbance of electrolytic aluminum has intensified
.
Overseas, Speira, a major European aluminium rolling company, is considering cutting output to 50 percent of its total capacity at its German aluminium smelter, which currently produces about 140,000 tonnes
in response to soaring energy costs.
Domestically, due to the escalation of power rationing, the production capacity of electrolytic aluminum in Sichuan Province has been completely stopped
.
In addition, Chongqing, Henan and other provinces have also reduced their production due to insufficient electricity, and local electrolytic aluminum enterprises have reduced their production, and the scale of production reduction may be
further expanded.
In terms of demand, domestic aluminum downstream consumption continued to be weak, and the regional epidemic and high temperature power curtailment interfered with the downstream start, and the aluminum rod and aluminum profile factories in Sichuan were basically closed
.
In terms of inventory, the domestic aluminum ingot social inventory was relatively stable, and the LME inventory continued to decline and was at a historical low
.
This week, the domestic aluminum ingot social library accumulated slightly, the domestic social library accumulation is still slow, coupled with the news of Sichuan production capacity full stop, and the impact of the macro-level LPR downward adjustment, despite the poor downstream consumption, but the price of Shanghai aluminum in the accumulation is not as previously expected
.
Overall, overseas energy is still tight, and European electrolytic aluminum production capacity may face a more severe production reduction crisis
.
However, power cuts occur frequently in various parts of the country, there is a certain uncertainty in supply, short-term aluminum prices or strong shocks, need to pay attention to the situation
of consumption.
