East China Aluminum: Purchases Downstream Remain Modest, Premiums Expansion Constrained

SHANGHAI, Apr. 12 (SMM) – Traded prices of spot aluminum in Shanghai were between RMB 15,960-15,990/mt on Thursday, with discounts of RMB 10/mt to premiums of RMB 20/mt over the SHFE current-month aluminum price. Low-iron aluminum was traded between RMB 15,960-15,990/mt in Shanghai. Traded prices of spot aluminum in Wuxi were between RMB 15,970-15,990/mt. The SHFE current-month aluminum price failed to rebound with resistance at RMB 16,000/mt, constraining expansion of spot premiums. Cargo holders were more willing to move goods at higher prices, while purchases downstream remained limited, dragging down quotations with discounts of RMB 10/mt over SHFE aluminum price. Transactions were mainly done at lower prices, with few deals reported done above RMB 15,980/mt.