East China Aluminum: Prices Down Further as Bearishness Remains

SHANGHAI, Apr. 16 (SMM) – Spot aluminum was traded at RMB 14,390-14,420/mt in Shanghai on Tuesday, a discount of RMB 50-80/mt over SHFE 1305 aluminum contract. Low-iron aluminum was traded around RMB 14,570/mt. SHFE 1306 aluminum contract proved more resilient than other base metals, but spot aluminum market remained bearish. Eagerness to sell by some traders sent spot aluminum below RMB 14,400/mt, which attracted a small number of middlemen to go bargain-hunting. Prices of brand deliverable aluminum ingot were firm above RMB 14,400/mt. Downstream producers purchased to need, depressing overall trading.