East China Aluminum: Consumption Improves as Prices Hit New Low

SHANGHAI, Jun. 19 (SMM) – Traded prices of spot aluminum in Shanghai were between RMB 15,800-15,820/mt Tuesday, and low-iron aluminum was traded between RMB 15,880-15,900/mt in Shanghai. SHFE aluminum prices extended declines with the SHFE current-month aluminum contract price moving around RMB 15,800/mt after opening lower, driving spot aluminum price to hit a new low of the year. Although aluminum producer and major traders were not willing to sell at low prices, causing spot premiums to expand to RMB 30/mt, some smaller traders were enthusiastic in moving goods. Several traders even quoted as low as RMB 15,790/mt. Dealers and downstream buyers started replenishments ahead of the Chinese Dragon Boat Festival, lifting transaction on the whole.