East China Aluminum: Discounts Expand with No Improvements in Spot Prices

SHANGHAI, May 16 (SMM) – Traded prices of spot aluminum in Shanghai were between RMB 15,970-16,000/mt on Wednesday, with discounts of RMB 10-30/mt over the SHFE current-month aluminum price. Low-iron aluminum was traded between RMB 16,060-16,080/mt in Shanghai. Traded prices of spot aluminum in Wuxi were between RMB 15,990-16,010/mt and traded prices in Hangzhou were between RMB 15,990-16,010/mt. SHFE 1206 aluminum contract became the current-month aluminum contract with prices hovering around RMB 16,000/mt. Since goods supply was sufficient but purchases by downstream buyers were sparse, spot prices failed to increase, causing discounts over the SHFE current-month aluminum price to expand. Transactions were mainly done at low prices.