Shanghai Metals Market (SMM) said standard warrant generation for cast aluminium alloy futures will start on Monday, September 22, 2025, a change that could introduce new variables for spot‑to‑futures flows. SMM reported overseas ADC12 offers at $2,530–$2,550/tonne, while domestic spot prices fell RMB 200/tonne on the week to RMB 20,100–20,300/tonne; immediate import losses are around RMB 200/tonne. Social inventories of secondary aluminium alloy ingots in key consumption regions rose by 1,500 tonnes week‑over‑week to 55,300 tonnes as of September 18. SMM noted fundamentals are mixed: rigid costs and pre‑holiday procurement provide support, but demand recovery is weak and inventory accumulation poses downside risk. The new warrant mechanism and registration timeline are flagged for close monitoring by market participants due to potential impacts on liquidity and basis behavior. The weekly review was published within the past day and anchors near‑term expectations for secondary aluminium pricing and logistics.