South China Aluminum: Aluminum Ingot Market Remains Weak

SHANGHAI, Jan. 30 (SMM) – Domestic inventories for spot aluminum ingot increased significantly while downstream purchases did not recover from the holiday, limiting the increase in SHFE aluminum prices. On Monday, SHFE 1204 aluminum contract prices opened at RMB 16,450/mt and then fell. In South China, quotations for spot aluminum ingot were around RMB 16,030/mt. Most traders started to move goods on Monday. However, with downstream enterprises resuming production later than usual, trading volumes did not show remarkable increase. Some enterprises were reported to restart production after the Lantern Festival. Traders were bearish towards the market in short term.