The spot price of aluminum further fell from the statistics of authoritative departments, showing that the electrolytic aluminum industry stock increased by more than 30% from the beginning of the year. Aluminum spot prices fell sharply. According to news from the Non-Ferrous Metals Industry Association, the output of electrolytic aluminum in China from January to April totaled 2.07 million tons, an increase of 26% over the same period of last year. The inventory in the first quarter was 330,000 tons, an increase of 80,000 tons from the end of last year, which was about 30%. Correspondingly, China's aluminum prices fell to 15,580 yuan/ton in May this year, a decrease of 1,920 yuan from the previous month. According to industry sources, the current situation in the domestic electrolytic aluminum industry is actually a reflection of the oversupply caused by blind investment and low level expansion. Excessive investment has not only intensified the contradiction between supply and demand for energy, raw materials, and railway transportation, but also caused a serious oversupply of domestic aluminum production capacity, and even caused a great impact on the international aluminum market. Therefore, price fall and inventory increase are almost inevitable results. Newer data released by the International Aluminum Association (IAI) show that inventories of aluminum inventories held by producers in 12 countries (all western countries) except China and Russia at the end of May 2004 increased by 176,000 compared with the previous month Ton to 3,092,000 tons, in May last year, this data was 3.026 million tons. Unprocessed aluminum stocks increased by 4.6% year-on-year to 1.739 million tons in May. In addition, with the recent reduction in trading volume, the spot price of alumina in the international market has dropped by 80-90 US dollars / ton to 340-360 US dollars / ton. The main reason is that due to the recent power cuts and the implementation of government macro-control measures, the purchasing power of Chinese buyers as the main driving force of the market has been reduced. The data shows that China’s alumina imports fell by 18% to 459,492 tons in May. At the same time, the spot market for aluminum oxide is modest, with thin trading. Despite the current domestic aluminum inventory growth, prices decline, but Barclays Capital announced in a special report last week, China's basic metal demand may be temporarily saturated, imports are slowing. Metal prices have reached a high point in recent years, coupled with the recent credit crunch, which has led to a reduction in imports, and companies have begun to reduce their previous stocks of raw materials. This phenomenon is evident in copper, aluminum and other fields. The report predicts that the company’s consumption of inventories will continue in the short-term, which may lead to tight spot prices in the second half of the year and push prices higher.
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