铝日报-20250514

Group 1: Report Overview - Report Name: Aluminum Daily Report [1] - Date: May 14, 2025 [2] - Research Team: Nonferrous Metals Research Team [3] Group 2: Market Review and Operational Suggestions - Aluminum Price: The aluminum price continued to rise and reached the 20,000 mark, with the main contract closing at 20,005, up 1.27%. The total open interest of the index decreased by 1,891 to 547,335 lots [8] - Spot Market: After the absolute price increase, the premium/discount was under pressure. The spot import loss was around -1,300 yuan/ton [8] - Alumina: It oscillated narrowly at a high level. The overall operating capacity reduction was not obvious, and the oversupply trend was hard to change. It was recommended to short on rebounds [8] - Electrolytic Aluminum: In May, the domestic operating capacity remained at a high level. The small - scale and rotating maintenance had little impact on supply. The overall supply pressure was limited. The demand was expected to be dragged down by the seasonal decline in the traditional off - season and the end of the photovoltaic rush to install [8] - Market Outlook: After the aluminum price rebounded, the smelting profit climbed to a high level in the nonferrous sector, which might lead to insufficient long - buying power. Short - hedging could participate on rallies [8] Group 3: Industry News - Trade Agreement: On May 8, 2025, the US and the UK reached a bilateral trade agreement. The US will cancel the 25% tariff on UK steel and aluminum products and reduce the import tariff on UK cars from 27.5% to 10% for the first 100,000 cars per year [9] - Corporate Cooperation: Hydro and Nemak will cooperate to develop decarbonized cast aluminum products for the automotive industry. They aim to increase the proportion of recycled aluminum and shift to cleaner energy to reduce the carbon footprint [10] - Mining License: Guinea plans to revoke the mining license of EGA. Since October 2024, GAC's export and mining activities have been suspended [10]