East China Aluminum: Offers Firm, Spot Discounts Narrow

SHANGHAI, Jan. 29 (SMM) – Spot aluminum was mainly traded at RMB 14,890-14,900/mt in Shanghai on Tuesday, with discounts at RMB 70-80/mt. Low-iron aluminum was traded at RMB 14,980-15,000/mt. The most active SHFE aluminum contracts extended losses, continuing to dampen market sentiment. Cargo holders refrained from selling at low prices, holding offers at RMB 14,900/mt, causing spot discounts to narrow to RMB 70/mt. Downstream producers and middlemen bought limited amounts, so overall trading remained light. Sparse transactions were done at RMB 14,890/mt.