SHANGHAI, Jul 31 (SMM) – Sellers in the south China aluminium spot market grew keener to offload their cargoes on Tuesday July 31 than they were in the previous day, as aluminium prices gained, SMM learned.
The SHFE August contract continued to climb up in the morning. Most transactions were heard at 14,550-14,560 yuan/mt in Guangdong, and the Guangdong-Shanghai price spread remained unchanged at 160 yuan/mt.
Downstream consumers and traders in the south were keen to purchase and this bolstered overall trading across the region.
Processing fees for aluminium billet edged down for some specifications in Guangdong. Fees for 90 mm dipped and came in at 480-520 yuan/mt, fees for 120 mm also declined and stood at 460-500 yuan/mt. Fees for 150/178 mm remained unchanged at 380-420 yuan/mt.
Meanwhile, trading between traders in the east remained brisk given steady spot discounts and a bullish outlook on prices. Sellers across the region held back from selling while downstream consumers purchased on demand.
Spot discounts in the east were offered at 80-70 yuan/mt. Most transactions were heard at 14,390-14,400 yuan/mt in Shanghai and Wuxi and at 14,390-14,410 yuan/mt in Hangzhou.
