SHANGHAI, Dec 24 (SMM) – Spot aluminium sellers across eastern and southern markets in China were keen to offload their cargoes on Monday December 24 as the imminent year-end prompted sellers to clean their stocks and cash in.
The SHFE January contract rebounded from earlier lows during morning trades of Monday. Spot discounts in Shanghai were heard at 80-70 yuan/mt against the SHFE 1901 contract, compared to 70-60 yuan/mt seen on Friday morning.
Most transactions were done at 13,600-13,610 yuan/mt in Shanghai and Wuxi and 13,620-13,630 yuan/mt in Hangzhou. The prices were up close to 50 yuan/mt from Friday.
Aluminium prices were higher than last week, which eroded purchasing enthusiasm among large buyers.
Most transactions in Guangdong were heard at 13,780-13,790 yuan/mt.
While sellers in Guangdong were keen to cash in in the last week of 2018, traders and downstream consumers stood on sidelines and trading activity was thin.