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【RMB Exchange Rate Hits 13-Month Low, Import ADC12 Real-Time Losses Widen】Today, aluminum prices extended their five-day decline, with SMM A00 aluminum prices dropping by 110 yuan/mt from yesterday to 19,680 yuan/mt, while secondary aluminum prices remained firm. Domestically, large secondary aluminum enterprises maintained their quotes at 20,300-20,700 yuan/mt, while medium and small plants kept their quotes steady at 20,000-20,200 yuan/mt. On the import side, current overseas prices for imported ADC12 remain in the range of $2,420-2,460/mt, and port spot cargoes are quoted at 19,600-19,800 yuan/mt. Following signals from the US Fed to slow down interest rate cuts, the US dollar strengthened, pushing the RMB exchange rate to a 13-month low against the dollar, which widened the real-time loss per ton for imported ADC12 to around 600 yuan. Although aluminum prices declined further today, the sentiment to stand firm on quotes in the secondary aluminum alloy market persisted, with ADC12 prices mostly holding steady. The tight circulation of aluminum scrap has not eased, and secondary aluminum plants are actively procuring to meet delivery and stocking demand, though procurement remains relatively difficult. Both social and in-plant inventories of secondary aluminum alloys have decreased. The cost side saw relatively small declines, coupled with falling inventories, supporting secondary aluminum alloy prices to remain firm. In the short term, secondary aluminum alloy prices are expected to fluctuate rangebound along with aluminum prices.
Note: Import profits refer to real-time profits
