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07 MARCH 2019 AL CIRCLE

Lowered aluminium price in east and south China bolsters enthusiastic activity in spot markets

EDITED BY : DEBANJALI SENGUPTA 2MINS READ

According to Shanghai Metals Market, purchasing enthusiasm among downstream consumers improved across spot aluminium markets in east and south China on Thursday morning as prices dropped.

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Spot transactions were mostly found at RMB 13,610 per tonne to RMB 13,620 per tonne in Shanghai and Wuxi while in Hangzhou, the spot deals were mostly at RMB 13,610 per tonne to RMB 13,630 per tonne. This represents that the traded price fell by over RMB 70 per tonne this morning compared with yesterday. The front-month March aluminium contract on the Shanghai Futures Exchange also glided from the previous day.

Spot aluminium discounts in Shanghai stood at RMB 50 per tonne to RMB 30 per tonne against the SHFE 1903 contract, wider than RMB 30 per tonne to RMB 10 per tonne as on yesterday morning.

Aluminium Corporation of China made limited purchases this morning, but trades between traders remained brisk in eastern markets. Enthusiastic trading between traders, along with improved buying willingness among downstream consumers led to today’s active trading activity across eastern markets.

Trades across south markets, on the other hand, performed relatively poor even though the prices dropped and the upcoming weekend induced downstream consumers to make more purchases. Transactions in Guangdong occurred at RMB 13,610 per tonne to RMB 13,620 per tonne, found SMM data.

Tagged with:

Price China SMM Aluminium

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EDITED BY : DEBANJALI SENGUPTA 2MINS READ

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