East China Aluminum: Spot Prices Fail to Rise on Weak Consumption

SHANGHAI, May 25 (SMM) – Traded prices of spot aluminum in Shanghai were between RMB 15,960-15,980/mt on Friday, with discounts of RMB 0-20/mt over the SHFE current-month aluminum price. Low-iron aluminum was traded between RMB 16,040-16,050/mt in Shanghai. Traded prices of spot aluminum in Wuxi were between RMB 15,970-15,990/mt and traded prices in Hangzhou were between RMB 15,970-15,990/mt. Despite the slight increase in SHFE aluminum prices, spot prices remained weak due to the soft consumption downstream. Cargo holders were willing cut prices for sales. Some dealers unwilling to move goods at lower prices quoted with premiums over SHFE aluminum prices, but transactions were quiet, posing strong resistance at the RMB 16,000/mt level. Given sufficient supply and limited needs for replenishment ahead of weekend, trading remained modest.