When the price of electrolytic aluminum is narrowly adjusted within the range, the true price elasticity is quietly shifting to the processing end. As of noon on September 1st, the latest price of Shanghai Aluminum 2610 contract is 24110 yuan/ton, an increase of 150 yuan from yesterday’s settlement price of 23960 yuan (update 31/8/2026). The average price of A00 aluminum in the Yangtze River spot market is 24110 yuan/ton, an increase of 140 yuan, almost at par with futures; The prices of downstream cast aluminum alloy ingots have already been announced the average price of aluminum alloy ADC12 is 24000 yuan/ton, up 100 yuan, and the average price of cast aluminum alloy ingot A356.2 is 24400 yuan/ton, up 100 yuan. At the moment when lightweighting is moving from a concept to mandatory compliance, the value reassessment of the aluminum processing track has quietly begun.

The migration of demand structure is the background of this reassessment. The demand for traditional building profiles and packaging foils has entered a plateau period, and the incremental space is shifting towards new energy vehicles, energy storage, and high-end equipment manufacturing. In the field of commercial vehicles, the mandatory national standard GB1589-2026 has clearly defined the path of lightweight combination, resulting in an increase in the amount of aluminum used for the body and trunk.

The cost-effectiveness of aluminum alloys between weight reduction and range has been recalculated. The price signal from the processing end has emerged: ADC12, as the main brand of die-casting, has a quotation of 24000 yuan/ton, which is basically on par with A00 aluminum’s 24110 yuan/ton, reflecting solid cost support for scrap aluminum and alloy elements; A356.2, as a high-end hub and structural component raw material, is priced at 24400 yuan/ton, which is 400 yuan/ton higher than ADC12.

The premium comes from higher requirements for purity and mechanical performance, and the barrier to high-end brand certification is simultaneously raising the processing added value. From a terminal perspective, the amount of aluminum used in new energy vehicles has significantly increased compared to fuel vehicles, with battery pack shells and body structural components contributing the main increment. Energy storage and photovoltaic frames continue to absorb aluminum materials, and marginal changes in exports and high-end manufacturing orders are becoming key variables in processing profits.

From the perspective of industrial chain linkage, the flat price pattern of 24110 yuan for Shanghai Aluminum 2610 and 24110 yuan for A00 aluminum means that the profits of the smelting end have not been squeezed, the supply of raw materials is abundant, and processing enterprises can undertake orders at stable costs. The closing price of London Futures for Lunwai Aluminum (London Futures) was $3242/ton, an increase of $18 from yesterday’s close of $3224, indirectly anchoring domestic processing costs through the prices of imported waste materials and alloy elements. Low inventory is also an implicit support.

The aluminum inventory in the previous period (week of August 28th) was 391498 tons (about 391500 tons), a decrease of 12299 tons per week. The tight supply of raw materials has made processing enterprises pay more attention to price locking and production scheduling rhythm.

Overall, ADC12 maintained a stable price of 24000 yuan/ton and A356.2 surged to 24400 yuan/ton, which is a synchronous footnote to the trend of lightweighting and the reassessment of the processing track. The 24110 yuan of Shanghai Aluminum 2610 and the parity of A00 aluminum provide a stable cost anchor for downstream.

The reassessment of the aluminum processing track is not an isolated phenomenon, it is closely related to the low inventory of primary aluminum and the 24110 yuan per square meter structure of Shanghai Aluminum 2610. When upstream supply is tight and downstream demand is shifting towards the high end, the profit elasticity of intermediate processing links is being reopened.

For processing enterprises, the expansion of premium prices for high end brands is both an opportunity and a test. Whether they can convert lightweight orders into profits depends on their processes and price locking capabilities. In the future, we need to focus on the implementation pace of lightweight policies for new energy vehicles and commercial vehicles, as well as whether the premium of high end brands such as A356.2 will continue to widen with increasing demand the story of aluminum is being written from the original aluminum itself to the processing end.