Regarding the reasons for the company's revenue growth, Yunnan Aluminum stated that it was mainly due to the increase in sales volume and selling prices of aluminium commodities during the reporting period. Meanwhile, the operating costs increased by 33.38 per cent Y-o-Y due to the rise in raw material prices and sales volume of aluminium commodities during the reporting period.
From the perspective of futures prices, the main SHFE aluminium contract generally fluctuated upward in Q1. As of the close on March 31, 2025, the main SHFE aluminium contract closed at RMB 20,480 per tonne, with a quarterly increase of 3.49 per cent.
In terms of spot prices, according to SMM spot quotes, the SMMA00 aluminium spot quotes also generally showed an upward trend in Q1. As of March 31, the average spot price of SMMA00 aluminium was reported at RMB 20,560 per tonne, up RMB 790 per tonne from RMB 19,770 per tonne at the end of 2024, representing an increase of approximately 4 per cent.
In late January, coinciding with the Chinese New Year holiday, the unexpected destocking of aluminium ingot inventory in the first two weeks drove aluminium prices to continue to climb, reaching a high of RMB 20,550 per tonne during the session on January 20, a new high since December 2024. However, as downstream enterprises took holidays near the end of the year, weakening consumption exerted downward pressure on aluminium prices, which fluctuated downward under pressure. Nevertheless, aluminium prices generally showed an upward trend in January. In February, coinciding with the Chinese New Year holiday, aluminium ingot inventory buildup was slightly higher than the same period in history.
