East China Aluminum: Spot Consumption Remains Depressed despite Discounts

SHANGHAI, Dec. 7 (SMM) – Traded prices of spot aluminum in Shanghai were between RMB 16,170-16,210/mt on Wednesday, with discounts of RMB 20/mt to premiums of RMB 20/mt over the SHFE current-month aluminum price. Low-iron aluminum was traded between RMB 16,250-16,280/mt in Shanghai. Traded prices of spot aluminum in Wuxi were between RMB 16,150-16,180/mt. The SHFE current-month aluminum price slipped after opening higher on Wednesday, dragging spot prices down. The downstream buying interest stayed low even many goods holders cut quotations to discounts over the SHFE current-month aluminum price, thereby building stronger pressure for spot aluminum at the RMB 16,200/mt mark. Deals were limited.