East China Aluminum: Quotations Diverge Ahead of Holiday, Replenishment Downstream Limited

SHANGHAI, Apr. 27 (SMM) – Traded prices of spot aluminum in Shanghai were between RMB 16,040-16,070/mt on Friday, with discount of RMB 10-40/mt over the SHFE current-month aluminum price. Low-iron aluminum was traded between RMB 16,140-16,160/mt in Shanghai. Traded prices of spot aluminum in Wuxi were between RMB 16,080-16,100/mt. The SHFE current-month aluminum price continued to move toward the RMB 16,100/mt level. On the last trading day ahead of the May Day holiday, most downstream enterprises have completed replenishment and quotations by cargo holders diverged. Most cargo holders waited on the sidelines and several of them were already off for holiday. Some dealers eager for cash, however, offered with spot discounts over the SHFE current-month aluminum price of RMB 50/mt, attracting a few buyers to purchase at low prices. Goods supply in Wuxi was still relatively tight, with price difference between Wuxi and Shanghai market expanding further.