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East China Aluminum: SRB Offered Lower-Than-Expected Bid Price, Dampening Market Sentiment
Mar 18,2013 09:13CST
smm insight
Source:SMM
Spot aluminum was mainly traded at RMB 14,530-14,550/mt in Shanghai last Friday, a discount of RMB 50-70/mt over SHFE current-month aluminum contract prices.

SHANGHAI, Mar. 18 (SMM) – Spot aluminum was mainly traded at RMB 14,530-14,550/mt in Shanghai last Friday, a discount of RMB 50-70/mt over SHFE current-month aluminum contract prices. Low-iron aluminum was trade around RMB 14,700/mt. The SRB bought 300,000 mt of aluminum ingot on March 15, but its bid price was slightly lower than expected at RMB 15,137/mt, dampening market sentiment. As a result, SHFE 1306 aluminum contract prices staged volatile movement, curtailing gains of spot aluminum. Traders were eager to sell, but downstream producers exhibited little buying interest, with only middlemen purchasing limited amounts at low prices, depressing overall trading.
 

Shanghai spot aluminum prices

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