East China Aluminum: Spot Discounts Narrow with Strong Wait-and-See Sentiment

SHANGHAI, Feb. 3 (SMM) – Traded prices of spot aluminum in Shanghai were between RMB 15,910-15,930/mt on Friday, with discounts of RMB 60-90/mt over the SHFE current-month aluminum price. Low-iron aluminum was traded between RMB 15,970-16,000/mt in Shanghai. Traded prices of spot aluminum in Wuxi were between RMB 15,850-15,890/mt. The SHFE current-month aluminum price were under pressure at RMB 16,000/mt, depressing spot market sentiment. As a result, cargo holders were unwilling to move goods and held prices firmly at RMB 15,900/mt, with spot discounts over the SHFE current-month aluminum price narrowing to less than RMB 100/mt. Downstream purchases were rarely reported, and only a few middlemen made inquiries. Transactions remained modest with market players waiting for improvement following the Lantern Festival.