East China Aluminum: Spot Discounts Narrow with Few Purchases by Middlemen

SHANGHAI, Feb. 13 (SMM) – Traded prices of spot aluminum in Shanghai were between RMB 15,900-15,940/mt on Monday, with discounts of RMB 30-70/mt over the SHFE current-month aluminum price. Low-iron aluminum was traded between RMB 15,980-16,020/mt in Shanghai. Traded prices of spot aluminum in Wuxi were between RMB 15,860-15,890/mt. SHFE aluminum prices were under pressure on Monday. With the approach of delivery day, spot discounts over the SHFE current-month aluminum price. Purchases by middlemen were rare due to the lack of room for arbitrage. Meanwhile, downstream consumption remained soft, so aluminum prices hovered around RMB 15,900/mt. Trading market was quiet in general.