In April, China's aluminum market witnessed fluctuations influenced by macroeconomic factors. Shanghai Futures Exchange (SHFE) aluminum initially surged above CNY20,000/ton, driven by positive news, but later, the market cooled. Recent optimism in the futures market, coupled with rising alumina costs and accelerated destocking, bolstered SHFE's resilience.
Despite concerns over US economic stagflation and trade restrictions on Russian metals, SHFE's aluminum maintained stability. However, as the US considers raising tariffs on Chinese aluminum, long-term impacts remain uncertain. Overall, while short-term market worries persist, gradual electrolytic aluminum production resumption and improving downstream demand signal cautious optimism.
China's aluminum market seen as optimistic even though some uncertainty still exists
2 May 2024 15:48 reported by Stanley Wang
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