SHANGHAI, Aug. 12 (SMM) – Aluminum prices in China will remain under downward pressure from persistent supply glut in the medium-to-long term, Shanghai Metals Market foresees.
Supply&demand imbalance will worsen due to record high aluminum production and slowing downstream consumption from economic downturn, SMM understands.
Aluminum stocks on the SHFE have been increasing since March, hitting 321,177 tonnes as of August 7, a reflection of poor consumption.
The most active aluminum contract on the SHFE hit a six-year low on August 11, down 11.4% from high level seen on May 6.
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