East China Aluminum: Pessimism Remains, Price Gap in East China Narrows

SHANGHAI, Jun. 19 (SMM) – Mainstream traded prices for spot aluminum in Shanghai were RMB 14,640-14,660/mt on Wednesday, a discount of RMB 0-10/mt and premium of RMB 0-10/mt over SHFE 1307 aluminum contract prices. Low-iron aluminum was traded around RMB 14,800/mt. SHFE 1310 aluminum contract proved resilient today following sharp declines yesterday, but bearish sentiment in spot market remains. Traders were in a hurry to sell, but downstream producers expressed little interest, keeping traded prices stagnant at RMB 14,650/mt. Price gap in Shanghai, Wuxi and Hangzhou narrowed noticeably.