East China Aluminum: Market Depressed, Selling Interest Low

SHANGHAI, Mar. 6 (SMM) – Traded prices of spot aluminum in Shanghai were between RMB 15,900-15,930mt on Tuesday, with discounts of RMB 50-80/mt over the SHFE current-month aluminum price. Low-iron aluminum was traded between RMB 16,000-16,020/mt in Shanghai. Traded prices of spot aluminum in Wuxi were between RMB 15,900-15,930/mt. The SHFE current-month aluminum price met resistance at the RMB 16,000/mt mark. Although spot aluminum market was depressed, cargo holders were still not willing to move goods and held spot prices firmly at RMB 15,900/mt, so discounts over the SHFE current-month aluminum price narrowed below RMB 100/mt. Transactions made at RMB 15,890/mt were sparse, while few purchases were made by downstream buyers and middlemen. Deals were rarely reported in the market.