SHANGHAI, Jul 23 (SMM) – Downstream consumers in the east and south China spot aluminium markets held back from purchasing on Monday July 23 as aluminium prices surged, which accounted for thin trades across the regions, SMM learned.
The SHFE 1808 contract jumped in the morning. Spot transactions in Shanghai, Wuxi and Hangzhou were mostly heard at 14,060-14,080 yuan/mt with discounts of 80-60 yuan/mt against the SHFE 1808 contract.
In Guangdong, most transactions were done at 14,200-14,210 yuan/mt with Guangdong-Shanghai spread widened to 130 yuan/mt.
Sellers in the east and south were keen to offload their cargoes given the high prices.
The high aluminium prices also weighed down processing fees for billet in the south. Traded fees for the 90mm held steady at 500-540 yuan/mt while fees for the 120 mm fell to 450-500 yuan/mt and fees for the 150/178 mm dropped to 360-400 yuan/mt.