SHANGHAI, Mar 7 (SMM) – Across spot aluminium markets in east and south China, purchasing enthusiasm among downstream consumers improved on Thursday morning as prices fell.
Spot deals mostly occurred at 13,610-13,620 yuan/mt in Shanghai and Wuxi and 13,610-13,630 yuan/mt in Hangzhou. Traded prices fell by over 70 yuan/mt from Wednesday morning.
The front-month March aluminium contract on the Shanghai Futures Exchange slid from the previous day. Spot aluminium discounts in Shanghai stood at 50-30 yuan/mt against the SHFE 1903 contract, wider than 30-10 yuan/mt yesterday morning.
While the Aluminum Corp of China (Chalco) made limited purchases this morning, trades between traders remained brisk in eastern markets. This, together with improved buying willingness among downstream consumers, led to active trading activity across eastern markets.
Trades across southern markets performed relatively poor even as the drop in prices and the upcoming weekend prompted downstream consumers to make more purchases.
Tepid trading enthusiasm among traders and overall weak purchasing interest among downstream consumers contributed to quiet trading activity across southern markets.
In Guangdong, trades were also mostly done at 13,610-13620 yuan/mt.