SHANGHAI, May 22 (SMM) – Traders and downstream consumers in the spot aluminium market in east China made stable procurements on Tuesday May 22 as spot discounts held stable, SMM learned.
The SHFE 1806 contract traded weakly rangebound in the morning.
In east China, transactions were mostly heard at 14,590-14,600 yuan/mt in Shanghai with discounts of 80-70 yuan/mt against the SHFE 1806 contract. Transactions in Wuxi and Hangzhou were done at 14,590-14,600 yuan/mt and 14,610-14,630 yuan/mt, respectively.
In Guangdong, transactions were mostly heard at 14,600-14,610 yuan/mt with Guangdong-Shanghai price spreads at 10 yuan/mt. As sellers were keen to offload cargoes, the price spreads narrowed. Downstream consumers purchased on demand.
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