East China Aluminum: Most Processors Reduce Output, Bearishness Gains Strength

SHANGHAI, Nov. 1 (SMM) -- Traded prices of spot aluminum in Shanghai were between RMB 16,370-16,400/mt on November 1st, with discounts of RMB 10/mt to premiums of RMB 20/mt over the SHFE current-month aluminum price. Low-iron aluminum was traded between RMB 16,430-16,450/mt in Shanghai. Traded prices of spot aluminum in Wuxi were between RMB 16,340-16,380/mt. SHFE aluminum prices have been continuously slipping early this week. Meanwhile, most medium to small sized aluminum processors in East China have almost cut their output by half as aluminum demand remained weak. Bearishness gained strength among goods holders, with some even moving goods at discounts over the SHFE current-month aluminum price. Market transactions were quite limited.