SHANGHAI, Aug 23 (SMM) – Spot aluminium traded briskly in south China on Thursday, bolstered by transactions between traders, SMM learned.
Most transactions in Guangdong were heard at 14,690-14,700 yuan/mt with a Guangdong-Shanghai price spread of 160 yuan/mt.
The SHFE September contract came off from early highs in the morning.
Aluminium billet stocks across local warehouses rose by 27.4% over the week ended August 23 to 59,000 mt while processing fees continued their decline.
Fees for the 90 mm were heard at 320-360 yuan/mt, fees for the 110/120 mm at 300-340 yuan/mt and fees for the 150/178 mm at 290-330 yuan/mt.
Meanwhile, trades in the east were less active than in the south, as downstream consumers purchased on demand. East China traders maintained normal levels of stocks after they restocked on lower prices.
Spot discounts were heard at 60-50 yuan/mt against the SHFE September contract in Shanghai with transactions mostly done at 14,530-14,550 yuan/mt. Transactions in Wuxi and Hangzhou were heard at 14,530-14,550 yuan/mt and 14,560-14,580 yuan/mt, respectively.