East China Aluminum: Prices Remain Firm, Downstream Buyers Wait on Sidelines

SHANGHAI, May 7 (SMM) – Traded prices of spot aluminum in Shanghai were between RMB 16,130-16,160/mt on Monday, with discount of RMB 20/mt to premiums of RMB 10/mt over the SHFE current-month aluminum price. Low-iron aluminum was traded between RMB 16,220-16,240/mt in Shanghai. Traded prices of spot aluminum in Wuxi were between RMB 16,150-16,170/mt. Traded prices of spot aluminum in Hangzhou were between RMB 16,120-16,160/mt. SHFE aluminum prices remained resilient to declines Monday. Domestic spot market was dominated by wait-and-see sentiment and spot discounts over the SHFE current-month aluminum price narrowed, with a few brands in tight supply quoted slightly higher than futures prices. However, buying interest downstream was limited and transactions were mainly done at low prices.