SHFE Aluminum Inventory & Settlement
Warehouse inventory, futures settlement prices, and open interest data
About SHFE Aluminum Data
SHFE aluminum inventory represents physical aluminum ingots stored in exchange-approved warehouses across China. China produces and consumes more aluminum than any other country, making SHFE stock levels a critical benchmark for the global aluminum market. Government environmental policies and power restrictions can significantly impact smelter output and inventory levels. This page also includes daily settlement prices, volume, and open interest data for all active aluminum futures contracts, with historical data going back to 2020.
SHFE Aluminum Futures Contract Details
The SHFE aluminum futures contract has a standard lot size of 5 tonnes (5,000 kilograms), priced in Chinese yuan (CNY) per tonne. The minimum tick size is 5 CNY/tonne, and contracts are available for delivery across multiple months throughout the year. Initial margin requirements are typically 8-10% of the contract value, with daily price limits of approximately 5% above or below the previous settlement price.
Physical delivery requires aluminum ingots meeting SHFE-specified quality standards, typically 99.7% purity (A00 grade aluminum ingot). Deliverable brands include major Chinese smelters that have been registered with the exchange. Ingots must be stored in SHFE-approved warehouses distributed across key industrial regions of China.
SHFE aluminum is among the most liquid aluminum futures contracts globally. It serves as the primary domestic pricing benchmark for Chinese aluminum smelters, fabricators, and downstream manufacturers, and is increasingly referenced by international market participants alongside the LME aluminum contract.
China's Aluminum Industry
China produces approximately 60% of the world's primary aluminum, making it the dominant player in the global aluminum market. The country also consumes the vast majority of what it produces, with demand driven by construction (window frames, structural components), transportation (automotive and rail), packaging, electrical wiring, and consumer goods.
A defining characteristic of China's aluminum industry is the close relationship between energy costs and aluminum pricing. Aluminum smelting is one of the most energy-intensive industrial processes, with electricity accounting for roughly 30-40% of production costs. Government restrictions on coal-fired power capacity, mandated shifts toward hydropower and renewables, and seasonal power shortages (particularly during dry seasons in hydropower-dependent provinces like Yunnan) directly impact smelter utilization rates and, consequently, SHFE aluminum inventory levels.
China has also implemented a capacity cap on primary aluminum smelting (approximately 45 million tonnes per year) as part of its carbon reduction and industrial restructuring goals. This cap limits new supply growth and means that SHFE inventory movements increasingly reflect demand-side dynamics rather than unconstrained supply expansion. When SHFE aluminum stocks draw down against this backdrop of capped supply, it can signal particularly strong domestic consumption.
Data Sources & Methodology
MetalCharts sources SHFE aluminum settlement prices and weekly warrant stock data from official Shanghai Futures Exchange data feeds. Settlement prices are updated daily after market close, covering all active aluminum futures delivery months with open, high, low, close, volume, open interest, and turnover figures.
Inventory data is published by SHFE on a weekly basis and includes per-warehouse breakdowns. Aluminum inventory is displayed in metric tons as reported by the exchange. Historical data is available going back to 2020.
Frequently Asked Questions
- How is SHFE aluminum inventory measured?
- SHFE aluminum inventory is measured in metric tons. Aluminum is stored as ingots meeting exchange specifications in SHFE-approved warehouses across China.
- Why is SHFE aluminum inventory important?
- China produces over half the world's aluminum. SHFE aluminum stocks reflect domestic supply-demand balance and are a leading indicator for global aluminum pricing.
- What drives SHFE aluminum inventory changes?
- Seasonal construction demand, smelter production rates, government environmental policies, and export dynamics all influence SHFE aluminum stock levels. Inventory typically builds during slower demand periods and draws down during construction season.
- What is the SHFE aluminum settlement price?
- The SHFE aluminum settlement price is the official daily benchmark used for margin calculations and delivery invoicing. It reflects the weighted average of trades during the closing period and is a key reference for Chinese domestic aluminum pricing.
- Why are energy costs important for SHFE aluminum pricing?
- Aluminum smelting is extremely energy-intensive, with electricity accounting for roughly 30-40% of production costs. In China, government restrictions on coal-fired power and mandated shifts toward hydropower and renewables directly impact smelter output and SHFE aluminum prices. Power shortages in provinces like Yunnan have historically caused supply disruptions and sharp inventory drawdowns.
- How does China's aluminum export policy affect SHFE inventory?
- China removed its 13% aluminum export rebate and imposes export taxes on certain aluminum products, discouraging exports and keeping more metal in the domestic market. Changes to these policies can cause significant shifts in SHFE inventory levels, as removing export incentives tends to increase domestic supply while adding rebates draws inventory down.