East China Aluminum: Prices Continue to Fall, Consumption Recovers Slowly

SHANGHAI, Feb. 1 (SMM) – Traded prices of spot aluminum in Shanghai were between RMB 15,930-15,960/mt on Wednesday, with discounts of RMB 100-130/mt over the SHFE current-month aluminum price. Low-iron aluminum was traded between RMB 15,980-16,010/mt in Shanghai. Traded prices of spot aluminum in Wuxi were between RMB 15,880-15,920/mt. With goods supply increasing, cargo holders were more willing to sell goods for cash flows, leading to lower quotations. However, downstream consumption was still recovering slowly, leaving low buying interest. Transactions were quiet as a result.