East China Aluminum: Selling Interest Improves, Spot Prices Remain Low

SHANGHAI, May 8 (SMM) – Traded prices of spot aluminum in Shanghai were between RMB 16,130-16,170/mt on Tuesday, with discount of RMB 0-20/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 and traded prices in Hangzhou were between RMB 16,120-16,150/mt. SHFE aluminum prices struggled at RMB 16,150/mt. Wait-and-see sentiment prevailed in spot aluminum market. Cargo holders were actively moving goods, but mainstream traded prices remained low on account of soft consumption downstream. Dealers, however, were reluctant to move goods at lower prices with sparse offers reported at RMB 16,120/mt. Trading was limited.