SHANGHAI, Jul 30 (SMM) – Aluminium spot discounts in east China narrowed on Monday July 30 as local traders were keen to purchase, SMM learned.
Discounts stood at 70-60 yuan/mt, down from 90-80 yuan/mt on Friday July 27, while the SHFE August contract gained in the morning trading session on Monday.
Active liquidity among traders ensured brisk trading in east China. Local sellers held back as some had long-term contracts to fulfill. Sellers also held on to cargoes, due to a bullish outlook on aluminium prices.
Most transactions were heard at 14,290-14,300 yuan/mt in Shanghai and Wuxi and at 14,300-14,320 yuan/mt in Hangzhou.
Most transactions in Guangdong were done at 14,450-14,470 yuan/mt with the Guangdong-Shanghai price spread at 160 yuan/mt.
Processing fees for aluminium billet changed little in Guangdong with few trades. Fees for 90 mm were heard at 490-530 yuan/mt. Fees for 120 mm and 150/178 mm were heard at 480-510 yuan/mt and 380-420 yuan/mt, respectively.