Report Industry Investment Rating - Not provided in the content Core Viewpoints Industrial Silicon - In 2025, the price of industrial silicon showed a downward trend in the first half of the year, and the fundamentals are expected to remain weak in the second half. The supply may increase during the wet season, while the demand is overall weak, with the export market expected to decline year-on-year. The inventory pressure is large, and the cost support is relatively weak. Without policy intervention, the price is expected to range from 6,000 to 9,000 yuan/ton [7][35][36] - The cost of industrial silicon may further decrease, but it is necessary to focus on policy impacts. The supply capacity has increased, but the output has decreased. The demand shows a pattern of significant recovery in exports and suppressed demand due to polysilicon production cuts [10][11][12] Polysilicon - In the first half of 2025, the price of polysilicon first stabilized and then declined. In the second half, the supply is affected by policy disturbances and cost pressures, with certain uncertainties, but the overall operation may remain at a low level. The industry is facing a situation of large capacity, high inventory, and weak demand, and the price will face greater pressure without policy intervention. The price is expected to fluctuate between 31,000 and 40,000 yuan/ton [18][25][37] - The cost of polysilicon has significantly decreased, mainly driven by the decline in raw material prices and energy cost optimization. The supply has decreased, and the pressure of overcapacity remains large. The demand is driven by the short - term increase in domestic photovoltaic installations, but the growth rate is expected to decline [19][20][23] Summary by Relevant Catalogs 2025 First - Half Price Review Industrial Silicon - From January to February 2025, the industrial silicon price was relatively firm due to production cuts in the southwest and northwest regions. In March, the price declined due to increased supply pressure and weak demand. From April to May, the price accelerated its decline under the influence of the US trade war and falling raw material costs. In June, the price rebounded after hitting the bottom [6][33] Polysilicon - In the first half of 2025, the price of polysilicon first stabilized and then declined. It was stable around the Spring Festival and declined in April due to reduced downstream orders and falling raw material prices [18][34] 2025 Second - Half Price Outlook Industrial Silicon - The supply is expected to increase during the wet season, and the demand is overall weak. The inventory pressure is large, and the cost support is weak. Without policy intervention, the price is expected to range from 6,000 to 9,000 yuan/ton [7][35][36] Polysilicon - The supply is affected by policy and cost, with uncertainties, but the overall operation may remain at a low level. The industry has large capacity, high inventory, and weak demand. Without policy intervention, the price will face pressure, and it is expected to fluctuate between 31,000 and 40,000 yuan/ton [18][25][37] Supply - Side Situation Industrial Silicon - As of the end of June, the overall furnace - opening rate was 27.62%. In 2024, about 650,000 tons of new capacity were added, and there were about 700,000 tons of built - but - unoperated capacity and nearly 1 million tons of planned capacity. The output from January to June 2024 decreased by 15% year - on - year, mainly due to price drops and production cuts in most regions. The northwest has become the main production area [45][46] Polysilicon - In 2024, 850,000 tons of new capacity were added, and there are still about 470,000 tons of capacity under construction or built but unoperated. The production in the first half of 2025 decreased significantly year - on - year, and the average operating rate of enterprises dropped to a historical low. The annual output is expected to decrease to about 1.2 million tons [20][102][109] Cost and Profit Industrial Silicon - In the first half of 2025, the raw material cost of industrial silicon decreased, and the full cost and cash cost also decreased. The electricity price in some areas decreased, and the prices of silicon coal, charcoal, electrodes, and silica also declined. Without policy intervention, the cost may further decrease, but the decline space is limited [55][56] Polysilicon - In 2025, the production cost of polysilicon decreased significantly, mainly due to falling raw material prices and optimized energy costs. The current tax - free cash cost of granular silicon can be controlled at 25,000 yuan/ton, and that of rod - shaped silicon is between 30,000 and 45,000 yuan/ton [19] Export - End - From January to May 2025, China's metal silicon exports totaled 272,400 tons, a year - on - year decrease of 10.31%. The annual export volume is expected to decrease by 5 - 10% year - on - year compared to 2024, mainly affected by the global economic outlook and overseas tariff policies [69] Consumption - End - In the first half of 2025, the production of polysilicon decreased significantly year - on - year, organic silicon increased slightly, and the demand for aluminum alloy increased steadily. The export volume is expected to decline due to the slowdown of overseas economies [72] Organic Silicon - As of June, the total production capacity of Chinese organic silicon monomers reached 6.88 million tons/year. The production from January to June increased by about 1% year - on - year. The consumption structure is changing, with the proportion of the traditional construction industry decreasing and that of new energy, electronics, and other fields increasing. The overall consumption growth may slow down in the second half of the year, and the annual growth rate is expected to be about 5%. The price decreased after a slight rebound in the first quarter, and the industry operating rate was between 60% and 70% [72][73] Aluminum Alloy - In 2025, the overall operation of the aluminum alloy industry remained stable, and the consumption of industrial silicon increased. From January to June, the production of primary aluminum alloy increased by 12.4% year - on - year, and that of recycled aluminum alloy increased by 1% year - on - year. The downstream consumption of aluminum alloy increased, and the primary industrial silicon consumption in 2025 is expected to be 650,000 tons [92][95] Polysilicon (Continued) Supply - Side - In early 2025, the domestic polysilicon capacity remained high, but the production decreased significantly in the first quarter due to low prices and industry self - discipline agreements. The production increased slightly in the second quarter, but the overall operating rate remained low [102] Consumption - Side - In the first half of 2025, the domestic photovoltaic installation rush significantly drove the demand for polysilicon, but the demand entered a vacuum period after June. The overseas market demand was weak. The growth rate of new installations in 2025 is expected to decline, with domestic new installations expected to be 310GW and global new installations about 610GW [112][114] Import and Export - From January to April, the export of photovoltaic modules decreased by 6% year - on - year. Only the African market showed significant growth, while the European, American, and Middle - Eastern markets declined [115] Inventory and Supply - Demand Balance Industrial Silicon - As of the end of June, the inventory of the metal silicon industry was 970,000 tons. The inventory decreased slightly in the first half of the year, is expected to increase slightly in the wet season of the second half, and may decrease slightly in the fourth quarter. The annual inventory is expected to increase slightly, and the industry inventory pressure remains high [171] Polysilicon - The upstream inventory of polysilicon is large, and the total industry inventory is expected to be higher than 400,000 tons. The total inventory decreased slightly in the first half of the year, and if the industry self - discipline production cuts are effective, a slight reduction in inventory is expected throughout the year [171]

Report Overview - Report Title: Cast Aluminum Alloy Industry Chain Weekly Report - Report Date: July 6, 2025 - Report Author: Mo Xiaoxiong, Wang Zongyuan - Industry Investment Rating: Neutral [2] Core Viewpoints - Cast aluminum alloy prices are supported by cost, but the upside is limited due to weak demand, and short - term prices are expected to fluctuate within a narrow range [6] - The micro - fundamentals show that inventory remains high in the off - season, and attention should be paid to the marginal changes in scrap aluminum circulation [6] - The automotive market had a significant sales push at the end of the quarter in June, and consumer enthusiasm remains high [6] Supply - Side Analysis Scrap Aluminum - Scrap aluminum production is at a high level, and social inventory is at a medium - high level in history [9] - Scrap aluminum imports are at a high level, but the year - on - year growth rate is declining [14] - The scrap - to - refined price difference shows a trend of narrow - range fluctuations and a gradual upward trend [6] Recycled Aluminum - Cast aluminum alloy prices have declined slightly in the short term, and the spread between ADC12 and A00 continues to weaken [27] - The regional spread of cast aluminum alloy has basically converged and shows certain seasonal patterns [32] - The operating rate of cast aluminum alloy has been slightly reduced, and the monthly operating rate is at a historical low [37] - ADC12 production is currently in a state of average loss [42] - The obvious and hidden inventories of cast alloys have decreased slightly [47] - The import window for cast aluminum alloy is temporarily closed [49] - The production and inventory of recycled aluminum rods show certain regional characteristics [52][54] Demand - Side Analysis - In the terminal consumption, the production of fuel - powered vehicles is at a low level, which has an impact on die - casting consumption [59]

1. Report Industry Investment Ratings - No specific industry - wide investment ratings are provided in the report. 2. Core Viewpoints of the Report - The global risk preference continues to rise due to the weakening US dollar index, with expectations of Fed rate - cuts and positive developments in trade agreements. In China, economic growth is accelerating, and consumption - stimulating policies are boosting domestic risk preference. Different asset classes have different short - term trends: stocks may have a short - term oscillatory rebound, treasury bonds may remain high and oscillatory, and various commodity sectors have their own specific trends [2]. 3. Summary by Relevant Catalogs Macro - finance - Overseas, Trump urges the Fed to ease monetary policy, and Fed official Bostic expects rate cuts. The US dollar index falls, and global risk preference rises. Domestically, China's June manufacturing PMI is 49.7%, up 0.2 percentage points from last month, and consumption - stimulating policies are introduced. Stocks may have a short - term oscillatory rebound, treasury bonds may be high and oscillatory, and different commodity sectors have different trends [2]. Stock Index - Supported by sectors like military, gaming, and semiconductors, the domestic stock market rises. China's economic growth is accelerating, and consumption - stimulating policies boost domestic risk preference. The market focuses on domestic stimulus policies and trade negotiations. Short - term cautious long positions are recommended [3]. Precious Metals - Gold is supported by a weak US dollar but is under downward pressure due to a weakening of the market's risk - aversion sentiment. The US economic data is weak, and Powell's dovish stance supports the gold price. In the short - term, gold may be oscillatory and weak, but its safe - haven property remains strong [4]. Black Metals Steel - The steel spot market rebounds, but the futures price rises and then falls. Policy is favorable, but traders face poor sales, and the cost support weakens. Supply remains high, and steel prices are expected to oscillate within a range [5]. Iron Ore - The iron ore price is stable. Demand remains resilient as steel mills' profits are high and iron - water production is expected to stay high. Supply may fall after the peak shipping season. Iron ore prices may oscillate in the short - term and may decline in the medium - term [5]. Silicon Manganese/Silicon Iron - The prices of silicon iron and silicon manganese are flat. Demand is okay as steel production rises. The prices of these ferroalloys are expected to oscillate in the short - term [6]. Chemicals Soda Ash - The soda ash price is weak. Supply is abundant, demand is low, and profits are decreasing. In the long - term, the high - supply, high - inventory, and low - demand situation persists, and short positions can be held [7]. Glass - The glass price is weak. Supply is stable, demand is weak due to the poor real - estate market. It is expected to be weak and oscillatory in the short - term [7]. Non - ferrous Metals and New Energy Copper - Trump's tariff hints and high production, potential weakening demand, and inventory slowdown are factors. The price may fall when certain conditions are met. Attention should be paid to US trade negotiations and potential copper tariffs [8]. Lithium Carbonate - The price of lithium carbonate falls. Downstream demand slows, but the supply side shows some changes. The market is in a loose situation, and opportunities may come after a rebound [9]. Aluminum - The LME inventory increases, and domestic aluminum products are accumulating inventory. The de - stocking inflection point has arrived, and the price may be affected [9]. Aluminum Alloy - It is in the off - season, but tight scrap - aluminum supply supports the price. It may oscillate strongly in the short - term, but the upside is limited [9]. Tin - Supply is tight, and demand is in the off - season. The price may oscillate strongly in the short - term, but the upside will be restricted in the medium - term [9]. Energy and Chemicals Crude Oil - Oil prices fall due to speculation of OPEC+ production increase and the easing of Middle - East supply concerns. It will continue to be weakly oscillatory [11]. Asphalt - The asphalt price is strongly oscillatory as oil prices are low. Inventory is being depleted, and it will follow the oil price in the short - term [11]. PX - PX has strong cost support but faces uncertainties from falling oil prices. It will follow the oil price and oscillate strongly [11]. PTA - The demand for PTA may remain low in the long - term. The price's upside is limited [12]. Ethylene Glycol - The price center falls with oil prices, and the downstream demand is weak. The price may oscillate [12]. Short - fiber - Short - fiber inventory is high, and the price will decline as the cost falls. It will follow the cost and oscillate weakly [12]. Methanol - The methanol price is supported by maintenance and low imports but is suppressed by factors like high inventory and poor downstream profits. It will oscillate strongly [12]. PP - The PP price is expected to oscillate weakly due to high production, low demand, and geopolitical support [12]. LLDPE - The LLDPE price will oscillate weakly as supply increases and demand is in the off - season [14]. Agricultural Products US Soybeans - The US 2025 soybean planting area estimate is lower than expected, with different trends for different contract months [15]. Soybean and Rapeseed Meal - The supply of soybean meal is abundant, and the market sentiment is weak. The weak basis situation is expected to continue, but stable US soybean prices provide some support [16]. Soybean and Rapeseed Oil - The supply of soybean oil is abundant, and inventory is recovering seasonally. The supply of rapeseed oil is improving. Both may be under pressure [17]. Palm Oil - The domestic palm oil inventory is increasing, and it is expected to continue to weaken due to factors like the end of policy benefits and a slowdown in exports [18]. Corn - The corn spot price is strong, but the futures price is weak. After the wheat substitution season, the corn price is likely to rise [18]. Live Pigs - The spot price of live pigs rebounds as group - farms reduce出栏. The demand is weak, but the price has some resilience. Attention should be paid to the epidemic risk in North China [19].

Group 1 - The carbon market is experiencing a short-term price decline due to macroeconomic factors, but market activity and transaction volume are increasing, indicating robust development. Long-term expectations suggest tightening carbon emission quotas from 2026, pushing companies towards green energy and energy-saving technologies [2] - The electricity market reform is driven by the surge in renewable energy installations, leading to increased pressure on grid peak regulation. The reform aims for full market-based pricing for renewable energy, which may create revenue uncertainties and has led to a drop in demand since June [3] - Domestic polysilicon production remains stable at 90,000 to 100,000 tons per month, with annual capacity exceeding 3 million tons. However, high inventory levels and unstable profit expectations from photovoltaic power generation have resulted in weakened demand [4] Group 2 - Industrial silicon prices have unexpectedly dropped below 7,000 yuan per ton, below the optimal cost line for leading companies. Despite losses, production remains stable due to employment and loan pressures, with monthly production at 300,000 tons [5] - The lithium carbonate market is facing increasing oversupply, with projected supply of 1.6 million tons and demand of 1.3 million tons by 2025, leading to a surplus of 200,000 tons. Prices may continue to be under pressure in the short term [6] - The aluminum alloy futures market has low participation and limited delivery sources, with a focus on cost factors such as scrap aluminum prices and industrial silicon [10][12]

Report Industry Investment Rating - The report does not explicitly mention the industry investment rating. Core Views - In the short - term fundamental aspect, the casting aluminum alloy market is in a stage of weak supply and demand. As the off - season deepens, negative demand feedback appears. Casting aluminum alloy enterprises reduce their production due to sales pressure, leading to a decrease in demand for scrap aluminum, a rise in the refined - scrap price difference, and lower costs. In the short term, the price of casting aluminum alloy is expected to face pressure during the off - season, with a bearish outlook [6]. - Considering historical seasonality, the monthly structure is likely to show a Back pattern in the third quarter. At the initial listing stage, market participants can layout inter - period long - spread positions. After the near - end structure becomes Back, they can also consider entering inter - period long - spread positions at low prices and expect to realize profits during the peak consumption season [6]. - Usually, when the ADC12 - A00 price difference converges, one can enter a short - ADC12 and long - A00 position. Currently, the profit - loss ratio of this position is not good. In the third quarter, as automobile production increases, the demand for ADC12 will be positively affected, and one can pre - arrange a long - ADC12 and short - A00 position [6]. Summary by Relevant Catalog Supply - Side: Scrap Aluminum - Scrap aluminum production is at a high level, and social inventory is at a medium - high level in history [9]. - Scrap aluminum imports are at a high level, but the year - on - year growth rate is declining [11]. - The refined - scrap price difference is showing a trend of recovery [15]. Supply - Side: Recycled Aluminum - The price of casting aluminum alloy has a short - term small increase, and the ADC12 - A00 price difference has significantly converged [19]. - The regional price difference of casting aluminum alloy shows that the southwest region is relatively weak and has certain seasonal patterns [24]. - The operating rate of casting aluminum alloy has been slightly adjusted downward, and the monthly operating rate is at a historical low [29]. - The cost of ADC12 is mainly composed of scrap aluminum, and currently, the average profit is in a loss state [31]. - The obvious and hidden inventories of casting alloys are increasing [33]. - The import window of casting aluminum alloy is temporarily closed [34]. - Regarding recycled aluminum rods, the production and inventory data show certain trends, with specific production and inventory distribution in different regions [38][40]. Demand - Side: Terminal Consumption - The production of fuel - powered vehicles has declined, which has a negative impact on die - casting consumption [45].

Core Viewpoint - The launch of casting aluminum alloy futures and options on June 10 marks a significant milestone for China's futures market and the recycling metal industry, enhancing risk management and promoting high-quality development in the aluminum sector [1][2]. Group 1: Market Launch Details - The first trading of casting aluminum alloy futures occurred at the Shanghai Futures Exchange, with seven contracts listed at a benchmark price of 18,365 yuan/ton [1]. - On the first trading day, a total of 57,300 contracts were traded, amounting to 11.011 billion yuan, with an open interest of 11,500 contracts [1]. - The main contract, AD2511, closed at 19,190 yuan/ton, reflecting a 4.49% increase [1]. Group 2: Industry Impact - The introduction of casting aluminum alloy futures and options is seen as a key development in integrating finance with the non-ferrous metal industry, enhancing China's international influence in aluminum production [1][2]. - The launch is expected to provide companies with effective risk management tools, addressing previous shortcomings in hedging against price fluctuations in aluminum alloys [2]. - The listing has garnered positive responses from industry players, with several well-known companies actively participating in the trading [2]. Group 3: Role of Intermediaries - Futures companies are positioned to offer comprehensive services, from standardized contracts to customized solutions for risk management in the aluminum industry [3]. - The ability to design personalized products based on standardized contracts will enhance the precision of risk management services for enterprises [3]. - Futures companies can facilitate industry participation in the futures market through simple methods, leveraging their risk management subsidiaries [3].

1. Report Industry Investment Rating - The report does not explicitly mention an industry investment rating [1][5] 2. Core Viewpoints - The casting aluminum alloy market is in a significant off - season, showing weak performance. The price of scrap aluminum has declined, and ADC12 is relatively weak. In the short - term, the unilateral price of casting aluminum alloy is under pressure and may run weakly. The price difference between ADC12 and electrolytic aluminum still has room to decline. In the medium - to - long - term, a long - ADC12 and short - electrolytic aluminum position can be arranged at the end of the off - season, and attention can be paid to the inter - period positive spread position [3][5] 3. Summary by Related Catalogs Supply Side - Scrap Aluminum - Scrap aluminum production is at a high level, and social inventory is at a medium - to - high level in history. Scrap aluminum imports are at a high level, but the year - on - year growth rate has declined. The price of scrap aluminum has decreased, and the price difference between refined and scrap aluminum has increased. After the raw material price of alloy plants decreased, the cost has loosened, but the operating rate is expected to continue to decline due to demand limitations [8][9][13] Supply Side - Recycled Aluminum - The price of casting aluminum alloy has a slight short - term decline, and the spread between ADC12 and A00 has significantly converged. The regional price difference of casting aluminum alloy shows that the southwest region is relatively weak and presents certain seasonal patterns. The operating rate of casting aluminum alloy has slightly decreased, and the monthly operating rate is at a historical low. ADC12 is mainly made from scrap aluminum and is currently in a loss state. The explicit and implicit inventories of casting alloys have increased, and the import window of casting aluminum alloy is temporarily closed [19][22][27] Supply Side - Recycled Aluminum Rod - The production and inventory data of recycled aluminum rods are presented. The production of recycled aluminum rods in different regions and the proportion of factory inventory in different regions are also provided [38][40] Demand Side - Terminal Consumption - In terminal consumption, the production of fuel - powered vehicles has declined, which has affected die - casting consumption. The production of new energy vehicles, motorcycles, and some household appliances, as well as the automobile inventory warning index, are also presented in the report [45][46]

铸造铝合金产业链周报 国泰君安期货研究所 有色及贵金属 莫骁雄 投资咨询从业资格号：Z0019413 日期：2025年5月25日 Guotai Junan Futures all rights reserved, please do not reprint Special report on Guotai Junan Futures 铸造铝合金：价格承压，相较于A00价差继续收敛 强弱分析：偏弱，价格区间：20000-20500元/吨 ADC12匡算亏损加剧 -800 -600 -400 -200 0 200 400 600 800 1000 1200 01-02 01-13 01-24 02-05 02-16 02-27 03-10 03-21 04-01 04-13 04-24 05-08 05-19 05-30 06-10 06-21 07-02 07-13 07-24 08-04 08-15 08-26 09-06 09-18 09-29 10-17 10-28 11-08 11-19 11-30 12-11 12-22 元/吨 ADC12利润 2022 2023 2024 2025 ADC12-A0 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The casting aluminum alloy market is under pressure due to weak consumption, and it is expected to remain weak in the medium - term. The ADC12 - A00 basis may continue to converge, and attention should be paid to cross - variety arbitrage opportunities [3][6]. - The supply side of scrap aluminum is in a situation of both supply and demand being weak. The alloy production rate shows a downward trend. The consumption off - season is deepening, and downstream demand is weak, mainly for rigid needs [6]. 3. Summary by Relevant Catalogs Supply Side - Scrap Aluminum - Scrap aluminum production, shipment volume, and imports are at high levels, but the year - on - year growth rate of imports is declining. Social inventory is at a historically high - middle level. The price of scrap aluminum is firm, and the refined - scrap price difference is at a relatively low level with a slight rebound [9][11][15]. - Currently, there is a seasonal shortage of scrap aluminum supply. Recyclers have limited inventory, and due to the tight supply of circulating goods, they are reluctant to sell. The price is firm and stable. The profit of scrap aluminum extrusion alloy plants is squeezed, and they are now in a loss stage. In May, it is expected that the production rate of casting aluminum alloy plants will be adjusted downward, reducing the demand for scrap aluminum [6]. Supply Side - Recycled Aluminum - The price of casting aluminum alloy is in a short - term sideways movement, and the ADC12 - A00 spread continues to converge. The regional price difference shows that the southwest region is relatively weak [22][25]. - The production rate of casting aluminum alloy has been slightly reduced, and the explicit and implicit inventories have increased. The import window for casting aluminum alloy is temporarily closed [35][39]. - The production and inventory data of recycled aluminum rods are provided, and the production proportion of different regions is also given [43][44]. Demand Side - Terminal Consumption - The peak consumption season for automobiles in the first half of the year is relatively weak, which is transmitted to the die - casting consumption market. Downstream orders show a marginal weakening trend in the second quarter, and restocking is relatively cautious. The purchasing enthusiasm of downstream die - casting enterprises is poor, mainly for rigid needs [6][48].

Report Overview - Report Title: Cast Aluminum Alloy Industry Chain Weekly Report [1] - Research Institute: Guotai Junan Futures Research Institute - Analyst: Mo Xiaoxiong - Date: May 11, 2025 1. Industry Investment Rating - Not provided in the report 2. Core Viewpoints - The cast aluminum alloy market is under pressure and weaker than A00 aluminum. The supply - demand of scrap aluminum is both weak, and the alloy plant's operating rate shows a downward trend. The consumption is in the off - season, with downstream demand being weak. As the off - season deepens, prices are under significant pressure and tend to be weak. The ADC12 - A00 basis may continue to converge, and cross - variety arbitrage opportunities should be noted [3][6]. 3. Summary by Related Catalogs Supply Side - Scrap Aluminum - Production, shipment, and social inventory of scrap aluminum are at high levels. The import of scrap aluminum is also at a high level, but the year - on - year growth rate is declining. The price of scrap aluminum is firm, and the refined - scrap price difference has rebounded slightly from a low level [9][10][14]. Supply Side - Recycled Aluminum - The price of cast aluminum alloy is in short - term consolidation, and the ADC12 - A00 spread continues to converge. The operating rate of the cast aluminum alloy industry has been slightly reduced and is at a historical medium level. The cost of ADC12 is mainly composed of scrap aluminum, and it is currently in a small loss. The operating rate on the production side has decreased slightly, and the explicit and implicit inventories of cast alloys have increased. The import window for cast aluminum alloy is temporarily closed [20][25][33]. Supply Side - Recycled Aluminum Rod - Information on the production and inventory of recycled aluminum rods is provided, including the production volume and its proportion in different regions, as well as the factory inventory and its proportion [37][38][39]. Demand Side - Terminal Consumption - The consumption peak season for automobiles in the first half of the year is weak, which affects the die - casting consumption. Data on the production of new energy vehicles, fuel vehicles, motorcycles, and household appliances are presented, along with the PPI of auto parts and the auto inventory warning index [43][44]. Market Data Summary - In March 2025, the total supply of scrap aluminum and ADC12 decreased slightly. The month - on - month changes in total supply, social inventory, and other indicators are given, as well as the week - on - week changes in the prices of some scrap aluminum products and the month - on - month changes in vehicle and motorcycle production [7].