16 AUGUST 2011smm
East China Aluminum: Spot Price Falls below RMB 18,000 as Consumers Hold Back
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Trading prices of spot aluminum in Shanghai on August 15th were between RMB 17,980-18,010/mt, with premiums of positive RMB 0-50/mt over SHFE current-month aluminum prices. Low-iron aluminum was traded between RMB 18,060-18,100/mt. Trading prices of spot aluminum in Wuxi were between RMB 17,970-18,000/mt. After SHFE current-month aluminum price failed to stay at RMB 18,000/mt, goods holders were actively selling goods with slight premiums. However, as downstream buyers and middlemen were waiting for prices after SHFE current-month aluminum contract is changed, mainstream trading prices fell below RMB 18,000/mt due to rare purchases. Overall market supply was excessive as a result.
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