SMM March 11 News:
Spot primary aluminum prices dropped by 60 yuan/mt compared to the previous trading day, with SMM A00 spot aluminum closing at 20,710 yuan/mt. Aluminum scrap market quotes slightly pulled back following aluminum prices. Downstream alloy plants maintained purchasing as needed due to lackluster demand. Today's baled UBC aluminum scrap was quoted at 15,300-16,050 yuan/mt (excluding tax), while shredded aluminum tense scrap was quoted at 16,450-17,950 yuan/mt (excluding tax). In the short term, domestic new scrap supply showed some improvement, but constrained by moderate downstream demand and high prices of primary and aluminum scrap, downstream and end-use demand remained weak. Aluminum scrap prices are expected to fluctuate rangebound following primary aluminum prices.
