Demand recovery falls short of expectations

摘要

Chinese aluminium demand has started to recover from the lows of January but remains well below the same period last year. Furthermore, demand expectations in the short-term remain sluggish. Indeed, we do not forecast an immediate V-shaped recovery in the real estate sector but instead a stabilisation or a slow recovery at best. As a result, the SHFE price has been under selling pressure this month despite the curtailments seen in Yunnan.