East China Aluminum: Spot Discounts Seen after Festival

SHANGHAI, Sept. 13 (SMM) – Traded prices of spot aluminum in Shanghai were between RMB 17,780-17,810/mt on September 13th, with discounts of RMB 10/mt to premiums of RMB 20/mt over SHFE current-month aluminum prices. Low-iron aluminum was traded between RMB 17,830-17,870/mt. Traded prices of spot aluminum in Wuxi were between RMB 17,760-17,800/mt. Though SHFE current-month aluminum prices narrowly fluctuated at RMB 17,800/mt, purchases and requires were rarely seen as downstream buyers were pessimistic towards future aluminum prices. Meanwhile, some goods holders who were cautiously bearish towards future aluminum price trends actively sold their goods at lower prices with slight discounts being reported. Other goods holders, on the contrary were unwilling to sell goods at lower prices due to relatively stable aluminum futures prices. Overall market transactions were sparse due to a standoff between sellers and buyers.