Shanghai aluminum short-term shock operation continue to pay attention to downstream consumption

Aluminum prices were volatile during the day yesterday and fell overnight
.
In terms of import and export, according to customs data, China's total primary aluminum imports in April 2022 were 34,876.
7 tons, down 77.
6% year-on-year, and China's primary aluminum exports in April 2022 were 32,034 tons, a year-on-year increase of 6,460%.

On the supply side, the domestic supply side basically maintained stable operation, the new electrolytic aluminum production capacity slowed down, and the production output in the early stage continued to be released
.
In terms of consumption, domestic consumption was weaker due to the impact of the epidemic in many places, and midstream and downstream buyers were weak and wait-and-see
.

In terms of inventory, on May 23, 2022, SMM counted that the domestic electrolytic aluminum social stock was 941,000 tons, down 24,000 tons
from last Thursday's inventory.
As of May 23, LME aluminum stocks fell by 7,025 tons from the previous session to 497,200 tons
.

With the improvement of the epidemic and the support of policies for transportation, domestic social inventories maintained dematerialization during the week, Wuxi and Gongyi continued to destock, and overseas inventories fell below 500,000 tons, at a historical low
.

Overall, the weekly destocking and the continuous improvement of epidemic control support aluminum prices, and it is necessary to continue to pay attention to downstream consumption, and in the current weak actual demand performance, aluminum prices are expected to fluctuate in the short term
.