East China Aluminum: Low Selling Interest Promotes Deals at Lower Prices

SHANGHAI, Nov. 22 (SMM) – Traded prices of spot aluminum in Shanghai were between RMB 15,880-15,910/mt on Tuesday, with discounts of RMB 10/mt to premiums of RMB 10/mt over the SHFE current-month aluminum price. Low-iron aluminum was traded between RMB 15,980-16,000/mt in Shanghai. Traded prices of spot aluminum in Wuxi were between RMB 15,860-15,900/mt. SHFE aluminum prices kept falling and the SHFE current-month aluminum price was under pressure at RMB 15,900/mt. Spot price fell below RMB 15,900/mt and hit a new yearly low for two consecutive days as a result. Goods holders were unwilling to move goods, leading to limited supply in the market. Though downstream buyers still purchased on an as-needed basis, transactions turned relatively active at lower prices due to reduced supply.