East China Aluminum: Traders Rush to Sell, Price Gains Tempered

SHANGHAI, Jul. 23 (SMM) – Mainstream traded prices for spot aluminum in Shanghai were RMB 14,380-14,400/mt on Tuesday, RMB 0-20/mt lower than SHFE 1308 aluminum contract prices. Low-iron aluminum was traded around RMB 14,550/mt. SHFE 1308 aluminum contract was stagnant at RMB 14,400/mt, a reflection of pessimism over aluminum prices. Downstream producers and middlemen were little interested in buying, forcing traders to cut offers. Prices in Shanghai and Wuxi failed to rise above RMB 14,400/mt. Prices in Hangzhou did not advance sharply either, despite tighter supply.