Report Industry Investment Rating No relevant content provided. Core Viewpoints - The finished products are expected to move in a volatile and consolidating manner, with the price center shifting downward and showing a weak trend [1][2] - The aluminum ingot price is expected to be strong in the short - term, with macro - level interest rate cut expectations and short - term support from ore - end news, but there is still pressure on the upside [1][2][3] Summary by Related Content Finished Products - Yunnan and Guizhou short - process construction steel producers will have a shutdown and maintenance period during the Spring Festival from mid - January, with an expected impact on the total building steel output of 741,000 tons. In Anhui, 6 short - process steel mills have different shutdown schedules, with a daily output impact of about 16,200 tons [1][2] - From December 30, 2024, to January 5, 2025, the transaction area of newly built commercial housing in 10 key cities was 2.234 million square meters, a 40.3% decrease from the previous period and a 43.2% increase year - on - year [2] - The finished products continued to decline yesterday, reaching a new low. The market sentiment is pessimistic in the weak supply - demand pattern, and the winter storage is sluggish, providing little price support [2] Aluminum Ingots - On August 10, the Shanxi Natural Resources Department adjusted the registration authority for some mineral types, which boosted the alumina futures. However, alumina is in an overall oversupply situation, and the price is under pressure [2] - The current factor affecting the ore market is that domestic mines cannot resume production, but the impact on domestic bauxite supply is minimal [2] - Last week, the operating rate of domestic aluminum downstream processing enterprises increased slightly by 0.1 percentage points to 58.7%. The aluminum cable operating rate remained stable at 61.8%, while the aluminum profile operating rate decreased slightly to 49.5% [2] - On August 11, the inventory of electrolytic aluminum ingots in domestic main consumption areas was 587,000 tons, an increase of 23,000 tons from last Thursday and last Monday. The inventory is expected to continue to accumulate in the short term [2] - The macro - level interest rate cut expectation supports the price, and the ore - end news boosts the short - term aluminum price. The aluminum price is expected to be strong in the short - term, but the upside is still under pressure [3]
华宝期货晨报铝锭-20250813
Hua Bao Qi Huo·2025-08-13 03:43