1. Product: standard aluminum ingot (99.70)

2. Latest price (Oct 25, 2019): 14,010RMB/t

3. Analysis points:

After the sharp reduction of the aluminum price in the early stage, the price on Oct 25 fluctuated around the line of 14,000. In October, the aluminum price has relatively been strong, the aluminum ingot cost support has been strong, th social inventory has been significantly lower than that in the early stage, and the overall fundamentals have been good. Recently, the aluminum ingot price basically has reflected the early increase, and it is expected to maintain fluctuation in the short term, and the actual transaction situation in the market in the later stage should be focused.

Appendix:

According to the data released by the International Aluminum Industry Association (IAI), global aluminum production fell to 5.163 million tons in September, compared with 5.329 million tons in August. Global (excluding China) aluminum production in September was 2.135 million tons, a decrease of 70,000 tons compared with August and 6,000 tons compared with the same period last year. According to the IAI report, China's primary aluminum production fell to 2.878 million tons in September, compared with 2.974 million tons in August.

According to customs data, in September 2019, China exported 100,300 tons of aluminum foil products, increasing 2.27% month on month, decreasing 15.08% year on year.

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