East China Aluminum: Consumption Sees No Improvement, Prices Decline

SHANGHAI, Feb. 7 (SMM) – Traded prices of spot aluminum in Shanghai were between RMB 15,870-15,900/mt on Tuesday, 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 15,830-15,860/mt. The SHFE current-month aluminum price declined for the fifth day with pressure at the RMB 16,000/mt. Meanwhile, consumption in spot markets did not improve after the Lantern Festival, dragging spot aluminum prices to fall below RMB 15,900/mt. Although cargo holders were not willing to move goods at lower prices in the hope that markets might improve, a few traders in urgent need of cash were actively selling goods. Transactions were scarce in the market.