East China Aluminum: Prices Fall Despite Report of RRR Cut

SHANGHAI, May 14 (SMM) – Traded prices of spot aluminum in Shanghai were between RMB 16,000-16,030/mt on Monday, with premiums of RMB 20-50/mt over the SHFE current-month aluminum price. Low-iron aluminum was traded between RMB 16,080-16,100/mt in Shanghai. Traded prices of spot aluminum in Wuxi were between RMB 16,010-16,030/mt and traded prices in Hangzhou were between RMB 15,990-16,020/mt. The report of cutting banks’ reserve requirement ratio in China failed to promote market, and the SHFE current-month aluminum price fell below RMB 16,000/mt along with the LME aluminum prices, raising bearish mood in spot market. A few brands were quoted at RMB 15,990/mt, but most cargo holders held prices firmly at RMB 16,000/mt, with spot discounts expanding to RMB 50/mt. Transactions were quiet.