Spot aluminum prices recorded a sharp decline today, falling by 930 points to 23,700. The downturn came amid heavy pressure across global metal markets following a significant sell-off in precious metals, which has weakened overall market sentiment.
In overseas markets, London silver prices dropped more than 12% compared with last week, while gold prices fell nearly USD 1,100 per ounce from their year-to-date highs. The sharp correction in precious metals quickly spread to base metals, including aluminum, intensifying downside pressure. In China, Shanghai aluminum prices hit the daily limit down around 23,035 after midday—an unusual situation—and although the limit was briefly broken during the session, the rebound remained extremely weak.
In the spot market, aluminum prices have continued to decline for several consecutive days. Attempts by some producers to support prices earlier in the day were offset by ongoing weakness in the futures market, leading to a rapid deterioration in price-support sentiment. Downstream demand remains subdued, mainly limited to short-term procurement, while the approaching Lunar New Year has further dampened seasonal consumption.
Overall, the current correction in aluminum prices is driven primarily by negative market sentiment and financial market volatility rather than any major short-term shift in supply and demand fundamentals. Under these conditions, the aluminum market is expected to remain volatile and cautious in the near term, with prices likely to consolidate at lower levels until clearer signals emerge from demand recovery and the broader macroeconomic environment.
Source: Shanghai Metals Market (SMM)
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Mia Ha
Export–Import Sales Department
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