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East China Aluminum: Prices Up on SRB Aluminum Ingot Buying News, but Gains Limited on Mounting Inventories
Mar 7,2013 15:12CST
smm insight
Source:SMM
SHFE 1306 aluminum contract prices bucked the trend by rising among base metals on Thursday, buoyed by news that the State Reserve Bureau (SRB) will buy 300,000 mt of aluminum ingot.

SHANGHAI, Mar. 7 (SMM) – SHFE 1306 aluminum contract prices bucked the trend by rising among base metals on Thursday, buoyed by news that the State Reserve Bureau (SRB) will buy 300,000 mt of aluminum ingot. However, spot aluminum prices failed to advance substantially due to mounting inventories. Mainstream trade prices in Shanghai were reported at RMB 14,470-14,500/mt, with discounts at RMB 120-150/mt. Low-iron aluminum was traded at RMB 14,630-14,650/mt. Most traders watched from the sidelines due to rising SHFE aluminum prices. Middlemen were active in bargain-hunting, allowing cargo holders to hold offers at above RMB 14,500/mt. Discounts of deliverable aluminum ingot over SHFE current-month aluminum contract prices were a mere RMB 50/mt. Traders with higher inventories still held quotations around RMB 14,480/mt. Downstream consumption was sluggish, with few transactions reported after prices rose above RMB 14,500/mt. Overall trading rebounded mildly.
 

Shanghai spot aluminum prices

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