As of press release, China Aluminum rose 4.4% to HK$5.22, China's Hongqiao (01378) rose 4.06% to HK$9.75, and Rusal (00486) rose 2.05% to HK$2.49.
The Zhitong Finance App learned that China Aluminum (02600) rose more than 4% to lead aluminum stocks. As of press release, China Aluminum rose 4.4% to HK$5.22, China's Hongqiao (01378) rose 4.06% to HK$9.75, and Rusal (00486) rose 2.05% to HK$2.49.
According to the news, on April 3, the main contract price of Shanghai Aluminum hit a new high during the year, once reaching a high of 1,965 yuan/ton. In 2024, aluminum fundamentals are in short supply, and aluminum prices may rise further.
According to SMM analyst Li Jiahui, from the perspective of supply and demand, domestic electrolytic aluminum supply and demand are in a tight balance in 2024. Domestic electrolytic aluminum production and supply are slowing down, and future electricity supply instability in Yunnan and other places will still limit the operating rate of domestic electrolytic aluminum manufacturers. It is expected that in 2024, China will still need to import aluminum ingots net from overseas. In 2023, the total net domestic imports of raw aluminum from overseas will reach 1.39 million tons. It is expected that in 2024, the country will still import a large amount of aluminum from Russia. Looking at the demand side, Li Jiahui expects the domestic photovoltaic and new energy sector to still increase demand for aluminum in 2024, which can cover the decline in aluminum demand for real estate. Under the fundamentals of a tight balance between supply and demand, aluminum prices will still have strong support in 2024.