Spot aluminium discounts in Shanghai remain unchanged against the SHFE 1812 contract: SMM
Shanghai Metals Market research found spot aluminium discounts across Shanghai market remained unchanged on Friday from the previous day at RMB 40 per tonne to RMB 30 per tonne against the SHFE 1812 contract.
In the morning trade, the SHFE 1812 contract increased but in a tight range. Most transactions in Shanghai and Wuxi were heard at RMB 13,810 per tonne to RMB 13,830 per tonne while that in Hangzhou at RMB 13,840 per tonne to RMB 13,860 per tonne.
Sellers across the eastern markets were keen to offload cargoes, given the recent rebounds in aluminium prices and cash flow issues by month-end. The narrow spread between the December and January contracts left little arbitrage opportunities to traders and pushed them to sidelines while gains in aluminium prices eroded purchasing enthusiasm among downstream consumers.
In Guangdong, most transactions were heard at RMB 13,880 per tonne to RMB 13,890 per tonne with Guangdong-Shanghai spread at RMB 60 per tonne.
Indian aluminium producers cut aluminium ingot prices this week to keep pace with the international price
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