Shanghai Metal Market
East China Aluminum: Spot Price Struggles at RMB 17,000/mt, Stock Building Only at Lower Prices
Edited by : AL CIRCLE
1 min read
Traded prices of spot aluminum in Shanghai were between RMB 16,980-17,020/mt on September 26th, with premiums of RMB 180-200/mt over the SHFE current-month aluminum price. Low-iron aluminum was traded between RMB 17,020-17,050/mt. Traded prices of spot aluminum in Wuxi were between RMB 16,980-17,020/mt. SHFE aluminum prices stagnated today within narrowed ranges, with the SHFE current-month aluminum price struggling at RMB 16,800/mt. As goods holders were confident for the RMB 17,000/mt mark, spot premiums quickly rebounded to near RMB 200/mt over the SHFE current-month aluminum price. Stock building was seen during this last week before the National Day holiday. However, due to capital pressure at quarter’s end, purchases were only made for the small volumes of goods supplied at prices lower than the RMB 17,000/mt. Market transactions remained flat since goods holders were unwilling to move goods at lower prices.
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