East China Aluminum: Selling Interest Low with Prices Close to RMB 16,000/mt

SHANGHAI, May 11 (SMM) – Traded prices of spot aluminum in Shanghai were between RMB 16,020-16,040/mt on Friday, with discount of RMB 0-10/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 16,040-16,060/mt and traded prices in Hangzhou were between RMB 16,020-16,040/mt. China’s April CPI rise was reported eased from a month ago, the slowing economic growth strengthened market expectations on stimulus policies. SHFE aluminum prices opened lower and moved down Friday, with spot prices dropping accordingly to nearly RMB 16,000/mt. Cargo holders were unwilling to move goods due to lower prices, while purchases by downstream buyers were sparse. Transactions were modest with market players watching on the sidelines.