Aluminum prices continue to rise on the 22nd

Aluminum prices rose overall in April, with a slight decline last week. On the 22nd, aluminum prices continued to rise. According to the Commodity Market Analysis System of Business Society, the average price of aluminum ingots in the East China market on April 22, 2024 was 20706.67 yuan/ton, an increase of 10.38% compared to the average market price of 19550 yuan/ton at the beginning of the month; Compared to last Friday (4.19), the average price of aluminum ingots in the East China market was 20360 yuan/ton, a daily increase of 1.70%.

Macro factors dominate, and recent policy disturbances in the non-ferrous sector have limited impact

Recently, the nonferrous metal sector has been affected by macro factors and is showing a positive trend. The fundamentals of electrolytic aluminum have not changed much, and there have been frequent overseas policy news last week, resulting in a slight decline in aluminum prices. The policy message is as follows:

On April 15th, the United States and the United Kingdom announced new trading restrictions on Russian aluminum, copper, and nickel. The new regulations prohibit the London Metal Exchange (LME) and the Chicago Mercantile Exchange (CME) from accepting newly produced metals from Russia, and Russian aluminum, copper, and nickel produced on or after April 13th are all prohibited. The United States also prohibits the import of these three metals from Russia. But sanctions will not prohibit non US individuals and entities from purchasing physical copper, nickel, or aluminum from Russia.

On April 17th, the White House website criticized China for unfair practices and announced plans to implement new restrictions on Chinese steel and aluminum products, including raising the 301 tariff on Chinese steel and aluminum products to three times the current level and cooperating with neighboring countries to prevent indirect exports of Chinese steel and aluminum products to the United States.