East China Aluminum: Price Declines Trigger Strong Wait-and-See Sentiment

SHANGHAI, Mar. 4 (SMM) – Spot aluminum was mainly traded at RMB 14,330-14,360/mt in Shanghai on Monday, with discounts at RMB 70-100/mt. Low-iron aluminum was traded around RMB 14,450/mt. SHFE current-month aluminum contract prices extended losses and lost 0.48% at midday. Most traders continued to move goods at discounts, while some stood on the sidelines due to continuously falling SHFE aluminum prices. Traders in Wuxi and Hangzhou saw no improvement in downstream purchases and were anxious to sell out of their growing pessimism over current aluminum prices.