SHANGHAI, Nov 7 (SMM) – On Wednesday, spot aluminium discounts across the Shanghai market were heard barely changed from the previous day and traders maintained their strong willingness to offload their cargoes, SMM research found.
The SHFE aluminium contract for November delivery inched up in a tight range in the morning trading hours.
Most transactions were heard at 13,800-13,820 yuan/mt in Shanghai, with spot discounts at 50-30 yuan/mt, compared to 40-30 yuan/mt in the previous day, against the SHFE 1811 contract. Transactions were mostly done at 13,800-13,820 yuan/mt in Wuxi and 13,840-13,850 yuan/mt in Hangzhou.
Overall trades across eastern markets were poorer than the previous day as downstream consumers stood on sidelines.
In Guangdong, most transactions were heard at 13,880-13,890 yuan/mt with Guangdong-Shanghai spread at 70 yuan/mt. Sellers across the market remained keen to offload their cargoes while traders and downstream consumers took a wait-and-watch stance. This thinned the overall trading activity across southern markets.
Processing fees for billet nudged up in the Guangdong market on Wednesday. Those for 90 mm were heard at 380-420 yuan/mt with 360-400 yuan/mt for 110/120 mm and 360-400 yuan/mt for 150/178 mm.