1-20-2025 China Aluminum Price：CNY 20,250 / MT

The average price of SMM spot A00 aluminum is CNY 20,360 /Mt.As for the supply , the supply of electrolytic aluminum remains high, the spot price of alumina futures weakens simultaneously, the smelting cost of electrolytic aluminum continues to decline, the weighted cost is lower than the spot price and the industry as a whole returns to profitability. In terms of imports and exports, the export of aluminum has declined after the rush to export ended, and the import of raw aluminum is expected to decline after the widening of the domestic and foreign price gap. We need to pay close attention to the trend of the domestic and foreign price gap and the price negotiations between domestic downstream manufacturers and overseas after the Spring Festival. As for the demand side, aluminum ingots continued to be destocked during the week and the old-for-new policy drove up market sentiment. Overseas LME inventory destocking continued and LME premiums and discounts continued to rise. Overall, consumption was weak as the Spring Festival approached, and national policies supported future expectations, and consumption expectations were generally good.