In terms of price: the uncertainty of tariff policy is high, and tariff factors disturb the overseas aluminum supply chain. The LME aluminum premium is high, and the price support is strong.
In terms of inventory, the inventory of aluminum ingots stopped growing during the week, and aluminum bars were destocked. According to SMM data, on Thursday, February 27, the social inventory of aluminum ingots in the major domestic spot market was 873,000 tons, an increase of 28,000 tons from the previous Thursday; during the same period, the social inventory of aluminum bars in Steel Union was 326,000 tons, a decrease of 8,500 tons from the previous Thursday.
In terms of supply, the supply has recovered. Affected by the sharp drop in alumina, the profit of electrolytic aluminum has rebounded significantly, and the production capacity has gradually increased. The production capacity in Sichuan, Guangxi and other places has partially started to resume production, and about 300,000 tons of production capacity has started to resume production.
