BEIJING: Shanghai Futures Exchange’s aluminum futures prices fell Friday after the US announced a 10% import tax on Chinese aluminum imports, SHFE data showed.
The most active 1804 aluminum futures contract closed at Yuan 14,340/mt ($2,251/mt) Friday, down from Yuan 14,390/mt Thursday, SHFE data showed.
Chinese commodity analysts have predicted the US import tax move will hit China’s aluminum export trade, with greater price parity between the London Metal Exchange and the SHFE in the near term, Chinese sources said Friday.
State Development & Investment Corp. in an aluminum sector report Friday said the US import tax on China is likely to have a significant impact on Chinese export trade in the short run, with a wider price gap between the LME and SHFE expected later.
