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【Aluminum Prices Narrowly Pull Back, Secondary Aluminum Prices Remain Stable】Today, the most-traded SHFE aluminum contract jumped initially and then pulled back, with the price center slightly shifting downward. SMM A00 aluminum prices dropped by 70 yuan from the previous trading day to 20,770 yuan/mt, while secondary aluminum prices remained stable. In the domestic market, SMM ADC12 prices were flat at 21,200-21,400 yuan/mt. In the import market, overseas ADC12 prices remained firm at a high level near $2,500/mt, with real-time import losses staying at 200-300 yuan/mt, keeping the import window closed. Aluminum prices edged down slightly today, while secondary aluminum prices temporarily stabilized. Current market demand is weaker than expected, with a slow rebound in orders, limiting the upside room for ADC12 prices. As raw material market liquidity improves, cost side support is weakening further. If the recovery in end-use consumption lacks sustainability, coupled with further loosening of cost support, ADC12 prices may face downward pressure.
Note: Import profits refer to real-time profit
