SHANGHAI, Jul 19 (SMM) – Traders in the east China aluminium spot market stood on the sidelines on Thursday July 19 in anticipation of larger spot discounts as social inventories began to grow, SMM research found.
The SHFE 1808 contract came off from its initial increase and traded rangebound within a narrow range in the morning.
East China saw thin trades. Transactions in Shanghai were mostly heard at 13,940-13,960 yuan/mt with discounts of 70-60 yuan/mt against the SHFE 1808 contract. In Wuxi and Hangzhou, transactions were done at 13,940-13,960 yuan/mt and 13,950-13,970 yuan/mt, respectively.
Trades in south China performed no better as sellers held their offers firm.
Transactions in Guangdong were mostly heard at 14,040-14,050 yuan/mt with the Guangdong-Shanghai price spread at 90 yuan/mt.
Processing fees for billet remained little changed, with the 90 mm trading at 500-540 yuan/mt. The fees for the 120 mm mostly traded at 490-510 yuan/mt and those for 150/178 mm traded at 420-450 yuan/mt.