East China Aluminum: Traders Rush to Liquidate Stocks, Driving Prices Down

SHANGHAI, Jul. 15 (SMM) – Mainstream traded prices for spot aluminum in Shanghai were RMB 14,340-14,350/mt on Monday, RMB 20-30/mt lower than SHFE 1307 aluminum contract prices. Low-iron aluminum was traded around RMB 14,510/mt. Traders were in a hurry to liquidate stocks out of growing bearishness over future prices, but downstream producers largely stayed out of the market, driving spot aluminum prices down sharply, with spot discount expanding to RMB 30/mt. Although lower prices enticed some middlemen to go bargain hunting, overall trading was light.