East China Aluminum: Low Buying Interest in Spot Market with Year-End Financial Pressure

SHANGHAI, Dec. 21 (SMM) – Traded prices of spot aluminum in Shanghai were between RMB 16,000-16,030/mt on Wednesday, with discounts of RMB 20-50/mt over the SHFE current-month aluminum price. Low-iron aluminum was traded between RMB 16,060-16,080/mt in Shanghai. Traded prices of spot aluminum in Wuxi were between RMB 15,990-16,030/mt. The SHFE current-month aluminum price surged above RMB 16,000/mt with the rebound of LME aluminum prices, but downstream buyers were unwilling to buy at higher prices due to financial pressure at year’s end, with spot discounts expanding to RMB 50/mt. Goods holders were actively moving goods for cash, but held firm at RMB 16,000/mt, resulting in stalemate between sellers and buyers. Transactions were limited in general.