East China Aluminum: Prices Slipped on Strong Bearishness

SHANGHAI, Apr. 1 (SMM) – Spot aluminum was mainly traded at RMB 14,390-14,420/mt in Shanghai on Monday, a discount of RMB 50-80/mt over SHFE 1304 aluminum contract prices. Low-iron aluminum was traded around RMB 14,600/mt. China’s manufacturing PMI for March rose less than expected, dragging down SHFE aluminum and fanning bearish sentiment. Traders were in a hurry to sell, but downstream producers stayed out of the market, despite increasing liquidity at the start of the new month. This drove spot aluminum down to RMB 14,400/mt, with a few transactions even concluded at RMB 14,390/mt. Further price declines are expected.