East China Aluminum: Spot Discounts Expand, Gains Limited

SHANGHAI, Mar. 6 (SMM) – Spot aluminum was mainly traded at RMB 14,400-14,420/mt in Shanghai on Wednesday, with discounts at RMB 120-140/mt. Low-iron aluminum was traded around RMB 14,580/mt. Prices of the most active SHFE aluminum contracts rose more than RMB 100/mt, but later pared some gains. Oversupply in spot markets limited upward momentum of spot aluminum prices and caused spot discounts to expand to over RMB 100/mt, leaving mainstream traded prices stagnant at RMB 14,400/mt. Offers of some deliverable brand aluminum ingot were firm. Low buying interest from downstream producers and middlemen depressed overall trading.