East China Aluminum: Sell-off Weakens, Low-priced Goods Popular

SHANGHAI, Jul. 24 (SMM) – The mainstream traded prices for spot aluminum were at RMB 15,400-15,420/mt in Shanghai on July 24, with discounts at RMB 50-80/mt and low-iron aluminum traded at RMB 15,480-15,500/mt. The current-month SHFE aluminum contract saw little movement on Tuesday. The preliminary HSBC China PMI for July posted a rebound, refraining some traders from selling at lows. But most SME traders remained active in moving goods for cash.  Downstream enterprises and middlemen were in favor of buying at RMB 15,400/mt, causing trading volumes to rise modestly compared with the previous trading day.