East China Aluminum: Traders Anxious to Sell at Lower Prices, Spot Discounts Expand

SHANGHAI, Feb. 19 (SMM) – Spot aluminum was mainly traded at RMB 14,720-14,750/mt in Shanghai on Tuesday, with discounts at RMB 150-170/mt. Low-iron aluminum was traded around RMB 14,840/mt. High inventories caused SHFE aluminum prices to extend losses. Cargo holders were eager to move goods at lower prices, but downstream purchases remained limited, causing spot discounts to expand to RMB 170/mt after SHFE 1303 aluminum contracts became the current-month contract. Growing spot discounts attracted some middlemen to buy spot aluminum while selling SHFE aluminum. Overall trading remained depressing, though up from a day earlier.