East China Aluminum: Spot Prices Fell Along with SHFE Aluminum Prices

SHANGHAI, Mar. 18 (SMM) – Spot aluminum was mainly traded at RMB 14,470-14,500/mt in Shanghai on Monday, a discount of RMB 70-100/mt over SHFE current-month aluminum contract prices. Low-iron aluminum was trade around RMB 14,650/mt. SHFE 1306 aluminum contract prices plunged along with other base metals. Some traders in spot markets held back goods at low prices, helping aluminum prices resist declines, with strong resistance felt at RMB 14,500/mt, though. Downstream producers purchased as needed, while middlemen similarly showed moderate buying interest, depressing overall trading.