Repeatedly disappointing electrolytic aluminium regains its focus value
Recently, the cyclical stocks are very strong because of the expected shift in infrastructure and signs of financial relaxation, among which the electrolytic aluminum industry, which has been trapped in the freezing point, has also emerged as a bottom recovery. But the problem that we have to face at this time is that the electrolytic aluminum plate, which is quite a few points for the attitude of the side of the side of the reform, is the opportunity to turn over with the tide of the tide, or the real demand for the domestic market to be improved.
"Absolute excess" is worried by the market
The long-term decline in the aluminum sector and the fundamentals of oversupply have been the main reason. APP know that the previous 2017 domestic heating season overlay overlay of illegal capacity cleaning, the aluminum industry to promote the supply side reform of the aluminum price of the push, however, the heating season electrolytic aluminum expected to limit the production of 3 million 148 thousand tons, the actual implementation of only 1 million 120 thousand tons, far less than expected supply restrictions make the market disappointed, related to the industry, related to the industry is disappointed, related to the industry, related to the industry is disappointed, related to the industry Enterprises are also opening down the prelude.
In addition to inadequate supply control, demand side is also not optimistic. It is understood that the domestic electrolytic aluminum consumption of the main variables of the main variables of the infrastructure and real estate are very vulnerable, further pulling down the expectations of aluminum enterprises, and the industry's passive high inventory is still accumulating risks for the industry.
At the same time, the low price of alumina in the upper reaches of the previous section also led to the concern that the "cost collapse" would continue to lower the price of electrolytic aluminum. This is why the April "Russia aluminum sanctions event", can only trigger a brief rush of aluminum, aluminum and Shanghai aluminum, due to the inability to change the fundamentals of the industry, the aluminum enterprises finally returned to the downlink after the decrease of the impact of the event.
But it is worth noting that these problems seem to have improved in the near future.