East China Aluminum: Prices Edge Up; Middlemen Go Bargain Hunting

Mainstream traded prices for spot aluminum in Shanghai were RMB 14,400-14,410/mt on Friday, a contango of RMB 0-20/mt and backwardation of RMB 0-10/mt over SHFE 1309 aluminum contract. Rising SHFE aluminum prices enabled spot aluminum suppliers to hold prices firm. Middlemen went bargain hunting, while downstream producers were little interested in building up stocks, leaving prices stagnant at RMB 14,400/mt.