SMM Aluminum Price

SMM aluminum price refers to the daily benchmark for A00 aluminum ingots (purity ≥99.7%) published by Shanghai Metals Market, serving as China's most authoritative physical trading reference. It integrates price data from 30+ cities and reflects latest supply-demand dynamics, with daily updates at 11:30 AM CST.

Regional variations exist due to: 1) Logistics costs (e.g. Nanhai premium ¥210/ton for Pearl River Delta delivery), 2) Local supply-demand imbalances (Zhongyuan trades at ¥110/ton discount), 3) Quality standards (A00 vs recycled aluminum). As of June 2025, SMM A00 national average is ¥20,900/ton with ±¥300 regional spreads.

Over 80% of physical contracts use 'SMM Average ± Premium' pricing: 1) Base price = SMM A00 daily average, 2) Product premium = ¥500-2,000/ton based on alloy/processing, 3) Regional adjustment = ±¥80-300/ton. This model transfers volatility risk while maintaining processing margins.

Key drivers include: 1) SHFE-LME arbitrage (current spread 0.19%), 2) Inventory cycles (SMM tracked stocks at 46Kt, -4.4% WoW), 3) Power rationing impacts (2024 Q3 output drop 8-12%), 4) Import dependency (40% bauxite from Guinea). June 2025 saw 3.49% weekly surge due to macro stimulus.

SMM employs 200+ field researchers collecting physical transaction data from: 1) 50+ smelters, 2) Major warehouses (daily inventory reports), 3) 30 trading hubs. Data undergoes algorithmic validation with <1% margin of error. Third-party platforms typically lag by 15-60 minutes.