Latest Update in the SMM Aluminum Market

Overnight, LME copper opened at $9,118.5/mt, initially rising to $9,155/mt before fluctuating downward, hitting a low of $9,086/mt at the end of the session, and finally closing at $9,082/mt, a decline of 0.38%.

SMM, November 21: According to customs data, China's aluminum extrusion exports (HS codes 76041010, 76041090, 76042100, 76042910, 76042990) in October 2024 amounted to 88,100 mt, down 6.61% MoM, but up 14.18% YoY.

SMM, November 21: According to the General Administration of Customs of China, in October 2024, China imported 12.289 million mt of bauxite, up 6.4% MoM and up 10.7% YoY.

Overnight, the most-traded SHFE aluminum 2501 contract opened at 20,750 yuan/mt, reaching a high of 20,815 yuan/mt and a low of 20,645 yuan/mt, and closed at 20,675 yuan/mt, down 125 yuan/mt from the previous close, a decline of 0.6%.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on Nov 20, 2024

SMM, November 20: On November 15, 2024, the Ministry of Finance issued the "Announcement on Adjusting Export Tax Rebate Policies," with the following content:

SMM, November 20: Spot alumina prices have reached new highs. According to an SMM survey, as of November 14, domestic alumina operating capacity increased by approximately 4.69 million mt/year from the end of October to 87.82 million mt/year, with production seeing a slight uptick.

SMM, November 20: On November 15, 2024, the highly anticipated "Announcement on Matters Concerning the Regulation of Imports of Raw Materials for Secondary Copper and Copper Alloys, and Raw Materials for Secondary Aluminum and Aluminum Alloys" (hereinafter referred to as Document No. 23) was officially implemented.