SMM Aluminum Survey: Cargo-holders Actively Tout Goods on Capital Pressure
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The SMM China Aluminum Ingot Trade Index trimmed previous week gains by 5.6% during August 22nd – August 26th to 37.2%, still below the balance line of 50% with downward pressure surging. SMM spot aluminum price stagnated at RMB 17,750/mt during the period. Due to seasonal low-demand, capital pressure at month’s end, power restrictions in summer and premiums as high as RMB 200/mt over SHFE current-month aluminum prices, buying interest for spot aluminum remained low despite lower quotes from goods holders, thereby leading to poor market sentiment.
In order to objectively and accurately show China’s spot aluminum ingot trading market, SMM has surveyed spot aluminum ingot traders from different regions, of different types and scales, based on their total traded volumes, downstream purchase volumes, traders inventories, cash flows and employee numbers etc.
