East China Aluminum: Discounts Expand over Weak Consumption and Bearish Outlook

SHANGHAI, Jan. 9 (SMM) – Traded prices of spot aluminum in Shanghai were between RMB 15,870-15,910/mt on Monday, with discounts of RMB 40-80/mt over the SHFE current-month aluminum price. Low-iron aluminum was traded between RMB 15,940-15,980/mt in Shanghai. Traded prices of spot aluminum in Wuxi were between RMB 15,840-15,880/mt. With the approach of the Chinese New Year holiday, demand among downstream buyers in East China was weak, while supply in the market was rather sufficient. With bearish market outlook, goods holders were eager to sell goods for cash, resulting in various quotations, with discounts over the SHFE current-month aluminum price expanding to nearly RMB 100/mt. Transactions were quiet in general.