East China Aluminum: Poor Manufacture Data Depresses Spot Market

SHANGHAI, Mar. 22 (SMM) – Traded prices of spot aluminum in Shanghai were between RMB 15,960-15,990/mt on Thursday, with discounts of RMB 30-50/mt over the SHFE current-month aluminum price. Low-iron aluminum was traded between RMB 16,060-16,090/mt in Shanghai. Traded prices of spot aluminum in Wuxi were between RMB 15,970-15,990/mt. SHFE aluminum prices opened lower due to falling LME aluminum prices. Later, as the HSBC Manufacture PMI for March fell to 48.1, dragging down base metals, the SHFE current-month aluminum price was still under resistance after opening. In spot markets, downstream buyers were more willing to purchase and cargo holders were actively moving goods, with some traders still holding prices firmly. Transactions remained stable in general.