SHANGHAI, Sep 19 (SMM) – Trades in the spot aluminium market in east China were brisk on Wednesday September 19 as downstream consumers began to stockpile for the upcoming Mid-Autumn Festival and National Day holiday, SMM learned.
Sellers across the market were also keen to offload their cargoes as on-month spread of futures narrowed.
The SHFE aluminium contract for October delivery rose in the morning. Most transactions were heard at 14,460-14,470 yuan/mt in Shanghai with discounts of 20-10 yuan/mt against the October contract. Transactions were mostly done at 14,460-14,470 yuan/mt in Wuxi and 14,480-14,500 yuan/mt in Hangzhou.
Some downstream consumers in the south also began to make purchases for the Mid-Autumn Festival while local sellers held their offers firm.
Most transactions in Guangdong were done at 14,620-14,630 yuan/mt with Guangdong-Shanghai spread at 160 yuan/mt.
Processing fees for billet in Guangdong were heard at 320-360 yuan/mt for 90 mm. Fees for 110/120 mm were heard at 290-350 yuan/mt with those for 150/178 mm at 290-350 yuan/mt.