East China Aluminum: Gains Eroded on Soft Demand

SHANGHAI, Jan. 18 (SMM) – Spot aluminum was mainly traded at RMB 14,940-14,970/mt in Shanghai on Friday, with discounts at RMB 110-130/mt. Low-iron aluminum was traded at RMB 15,050-15,060/mt. China’s 4Q GDP was in line with market expectations, failing to pushing SHFE 1303 aluminum contract prices up appreciably. Some small and medium downstream producers have already closed early for Chinese New Year, causing demand to decline. Cargo holders were eager to sell, causing spot discounts to expand to RMB 130/mt. Prices of some high-quality brand aluminum ingot were firm at RMB 14,970/mt. Overall trading remained light.