SHANGHAI, Nov 19 (SMM) – Purchasing enthusiasm among downstream consumers of spot aluminium across east China sharply waned from the previous week on Monday as prices of futures climbed and as existing stocks could still support production at the start of the week, SMM research found.
The SHFE 1812 contract climbed in morning trades. Most spot transactions were heard at 13,750-13,760 yuan/mt in Shanghai, with discounts of 30-20 yuan/mt against the December contract. Transactions were mostly done at 13,750-13,760 yuan/mt in Wuxi and 13,750-13,770 yuan/mt in Hangzhou.
The price gains, however, grew confidence among buyers across southern markets. Trades and downstream consumers in the south were keen to purchase today and overall transactions in Guangdong were brisk.
Most transactions in Guangdong were heard at 13,830-13,840 yuan/mt in Guangdong with Guangdong-Shanghai spread at 80 yuan/mt.
Billet processing fees held stable in the Guangdong market, at 460-500 yuan/mt for 90 mm, 440-480 yuan/mt for 110/120 mm and 150/178 mm.