PV frame demand underpins steady operations; short-term aluminium prices consolidate on a strong note

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PV aluminium extrusion: This week, according to feedback from PV frame enterprises in the survey sample, industry operating rates remained stable overall. According to SMM, China’s module scheduled production was ~38.5 GW in July, and is expected to edge up M-o-M to 39.3 GW in August. Underpinned by stable-to-rising demand from downstream module production schedules, PV frame enterprises’ operating rates are expected to hold steady in the near term, with leading PV frame enterprises with long-term contract advantages maintaining high operating rates.

Raw material prices: During the period (July 27–30, 2026), the SMM A00 weekly average price was RMB 23,357.5 per tonne, up 0.8 per cent from the previous week’s average. Overall, the continuous rise in the proportion of liquid aluminium in China, the persistent geopolitical risk premium in the Middle East, combined with sustained destocking of domestic aluminium ingots, jointly supported aluminium prices, visibly enhancing near-term market confidence.

However, the continuous additions of forward aluminium capacity outside China, weak traditional end-use demand in China, together with ongoing fluctuations in expectations for US Fed interest rate hikes and uncertainty in the Middle East geopolitical situation, still pose certain pressure on aluminium price upside. In the near term, aluminium prices maintained a consolidation pattern on a strong note. Next week, the most-traded SHFE aluminium contract is expected to move in a range of RMB 23,000–24,150 per tonne, and LME aluminium in a range of USD 3,100–3,250 per tonne.

Note: This article has been issued by SMM and has been published by AL Circle with its original information without any modifications or edits to the core subject/data.