East China Aluminum: Bearish Sentiment Strong, Traders Anxious to Sell

SHANGHAI, Jan. 17 (SMM) – Spot aluminum was mainly traded at RMB 14,920-14,940/mt in Shanghai on Thursday, with discounts at RMB 100-120/mt. Low-iron aluminum was traded at RMB 15,020-15,030/mt. SHFE 1303 aluminum contract prices dropped below RMB 15,000/mt, aggravating market bearishness. SHFE aluminum prices recovered some earlier losses, but cargo holders remained anxious to sell. Downstream producers and middlemen were uninterested in buying, causing spot discounts to expand above RMB 100/mt. Sellers and buyers were pessimistic towards future prices, depressing overall trading.