SHANGHAI, Mar. 9 (SMM) – Base metals prices remained weak on March 7, except for SHFE 1306 aluminum contract prices, which closed 1.01% higher on news that the State Reserve Bureau (SRB) will buy 300,000 mt of aluminum ingot.
Growing oversupply pressure curbed gains of spot aluminum. Spot aluminum was mainly traded at RMB 14,470-14,500/mt in Shanghai on Thursday, with spot discounts at RMB 120-150/mt. Most traders stood on the sidelines, while downstream consumption was sluggish, so overall trading rebounded only slightly.
Zhang Tian, Chairman of Tianneng Group, attended the National People's Congress. He made nine proposals, including stepping up establishment of scrap and old battery recycling network, introducing new national standard on electric bicycles, promoting development of low-speed and short-distance electric automobiles and suspending collection of lead-acid battery consumption tax.