Weekly Review Chinese Spot Aluminium Market (Apr 10-14, 2023)

SHANGHAI, Apr 17 (SMM) - In east China, the trading activity picked up slightly. This, combined with the approaching delivery of SHFE 2304 contract, reversed the discounts of SMM A00 aluminium from 30 yuan/mt into premiums of 20 yuan/mt over the front-month contract. In Gongyi, downstream enterprises restocked only as needed. Following the jump in SHFE aluminium prices to 18,700 yuan/mt on Friday, the discounts expanded from 70 yuan/mt a week ago to 100 yuan/mt against SMM A00 aluminium on that day. In south China, transactions were relatively active and supply was tight. Premiums expanded to 140 yuan/mt over the SHFE 2304 contract in the middle of the week, but shrank 10 yuan/mt on Friday due to soaring SHFE aluminium prices. The 20-day average of SMM spot buying intensity index rebounded from 211 points to 216 points last week.