SHANGHAI, Sept. 1 (SMM) – Traders flocked to east China spot market out of bullishness after SHFE 1709 aluminum rebounded, while downstream producers still bought as needed.
Macquarie Raises Iron Ore and Aluminum Price Forecasts on China Demand
Mainstream traded prices were 16,220-16,260 yuan/tonne in Shanghai, discounts of 250-240yuan/tonne over SHFE 1709 aluminum, versus 16,220-16,250 yuan/tonne in Wuxi and 16,200-16,220 yuan/tonne in Hangzhou.
Many downstream producers in Zhejiang closed due to environmental issue, hurting local demand, SMM found.
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