East China Aluminum: Greek Bailout Approved, Domestic Consumption Remains Soft

SHANGHAI, Feb. 21 (SMM) – Traded prices of spot aluminum in Shanghai were between RMB 15,850-15,880/mt on Tuesday, with discounts of RMB 100-120/mt over the SHFE current-month aluminum price. Low-iron aluminum was traded between RMB 15,950-15,970/mt in Shanghai. Traded prices of spot aluminum in Wuxi were between RMB 15,830-15,850/mt. The SHFE current-month aluminum price dipped as low as RMB 15,955/mt after opening. Although SHFE aluminum prices were boosted as eurozone finance ministers reached agreement on the Greek bailout plan at around 11:00 in the morning, transactions in spot markets were still quiet, with discount over the SHFE current-month aluminum price maintaining above RMB 100/mt. Only some middlemen were active in trading, transactions were modest on the whole.