East China Aluminum: Prices Stagnant, Bearishness Remains

SHANGHAI, Apr. 22 (SMM) – Spot aluminum was traded at RMB 14,400-14,430/mt in Shanghai on Monday, a discount of RMB 80-110/mt over SHFE 1305 aluminum contract. Low-iron aluminum was traded around RMB 14,580/mt. SHFE 1306 aluminum contract moved in tight ranges. Spot aluminum temporarily stabilized, but bearishness over future prices remains. Cargo holders were eager to sell, but downstream producers and middlemen held to the sidelines, leaving mainstream traded prices at the lower-end of the price range. Prices in Hangzhou, in contrast, edged up due to tight supplies.