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26 FEBRUARY 2019 AL CIRCLE

High prices of primary aluminium sideline buyers in east China, while sellers hold offers firm

EDITED BY : DEBANJALI SENGUPTA 1MINS READ

According to Shanghai Metals Market, spot aluminium sellers and buyers in east China were locked in stalemate this morning, February 26, as bullish outlooks led sellers hold their offers firm and high prices sidelined buyers.

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In Shanghai and Wuxi, spot deals mostly occurred at RMB 13,590 per tonne to RMB 13,610 per tonne while that in Hangzhou at RMB 13,600 to RMB 13,610 per tonne, SMM research found. Traded prices barely change from the previous morning.

Spot discounts in Shanghai, against the SHFE 1903 contract, stood at RMB 80 per tonne to RMB 60 per tonne, almost flat when compared with Monday morning.

The state-owned aluminium giant, the Aluminium Corporation of China (Chalco), purchased around 2,000 tonnes of spot aluminium in eastern markets this morning.

Spot trades in Guangdong, on the other hand, were done at RMB 13,640 per tonne to RMB 13,650 per tonne. Spot discounts against the SHFE 1903 contract were at RMB 40 per tonne to RMB 30 per tonne, with Shanghai-Guangdong prices spread narrowed to RMB 40 per tonne.

Purchasing interest of primary aluminium among downstream consumers in southern markets, however, has not shown any noticeable growth yet.

Tagged with:

Price China SMM Chalco

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EDITED BY : DEBANJALI SENGUPTA 1MINS READ

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