East China Aluminum: Spot Price Fell below RMB 17,700/mt at Discounts

SHANGHAI, Sept. 15 (SMM) – Traded prices of spot aluminum in Shanghai were between RMB 17,650-17,690/mt on September 15th, with discounts of RMB 0-50/mt over SHFE current-month aluminum price. Low-iron aluminum was traded between RMB 17,730-17,750/mt. Traded prices of spot aluminum in Wuxi were between RMB 17,620-17,660/mt. As SHFE current-month aluminum contract price opened lower and moved down to near RMB 17,700/mt with a price gap of around RMB 200/mt over SHFE 1110 aluminum contract price, goods holders actively touted their goods with discounts widening to RMB 50/mt, dragging down spot aluminum price to below RMB 17,700/mt for the first time since August 9th. Though this move attracted some downstream buyers to purchase at lower prices, overall market supply was evidently excessive due to limited demand.