Aluminum price bottomed out and rebounded
| PVA |
According to the data of business agency, on July 29, the average market price of domestic aluminum ingots in East China was 18633.33 yuan / ton, up 1.45% daily, down 2.27% from the average market price of 19066.67 yuan / ton at the beginning of the month (7.1), and down 4.49% from the average market price of 19090 yuan / ton in the same period last year.
At the peak in 2021 (October 19, 2021), the average market price of aluminum ingots was 24240 yuan / ton, and the recent deviation from the peak fell by 23.13%. Starting from the recent recovery (December 13, 2021), the average market price of aluminum ingots is 18693.33 yuan / ton, up 0.32% recently. At present, the price basically returns to the valley value that plummeted after last year’s peak.
Fundamentals overview
In July, the aluminum price generally operated in the “V” word. In the early stage, the social inventory went to the warehouse periodically, but the price moved down. This week, the social inventory accumulated slightly, but the price stabilized and rose.
At present, on the supply and demand side, the output continues to rise, and there is a certain pressure on the supply side. Recent non-ferrous sector capital factors dominate the upward band. The expected price rise, on the one hand, comes from the measures to stabilize real estate & the favorable policy of domestic automobile consumption and the expected improvement of terminal demand. On the other hand, in the early stage, the price fell to the 17000 line, touching part of the cost line, and the game intensified. There was expectation and demand for a rebound at the bottom of the market.
Downstream products are also in the state of destocking, and consumer demand is rising. It is expected that the price of aluminum ingots will be strong in the short term.
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