South China Aluminum: Spot Prices Hit a New Low for the Year on Sluggish Consumption

SHANGHAI, Oct. 29 (SMM) – SHFE 1212 aluminum contract prices were pressured under the 5-day moving average, without upward momentum to rebound. Downstream processors in Guangdong market showed little buying interest as cash flows tighten at the month’s end. With inventories keeping growing and SHFE aluminum prices being persistently weak, cargo holders became aggressive in moving goods, with quotations down to RMB 15,200/mt. Mainstream traded prices in south China market fell to RMB 15,160-15,190/mt, a new low for the year and at bigger discounts over prices in Shanghai. Transactions were rarely done.