After drifting three percent on the LME, the primary aluminum cash price dropped to $1,987 per metric ton making it the biggest mover on the Aluminum MMI℠ this week. Aluminum 3-month fell 2.9 percent on the LME for the week to settle at $2,026 per metric ton. Indian primary aluminum cash price fell 2.3 percent to INR 107.45 ($1.99) per kilogram after rising 1.8 percent the week before.
Chinese aluminum prices were mixed for the week. Following a 0.6 percent increase in the week prior, Chinese primary aluminum cash price fell 0.4 percent on the SHFE last week to CNY 16,100 ($2,551) per metric ton. The price of Chinese aluminum billet fell 0.3 percent to CNY 16,100 ($2,551) per metric ton after rising 0.3 percent the week before. At CNY 14,050 ($2,226) per metric ton, the week finished with no movement for Chinese aluminum bar.
Korean 3003 coil premium over 1050 sheet traded sideways last week, hovering around KRW 4,210 ($3) per kilogram. Following a steady week, prices for Korean 5052 coil premium over 1050 sheet closed flat at KRW 4,360 ($3) per kilogram. Closing at EUR 3,004 ($3,944) per metric ton, European 5083 plate remained unchanged for the week. At EUR 2,327 ($3,055) per metric ton, the price of European 1050 aluminum did not change since the previous week.
The Aluminum MMI℠ collects and weights 12 global aluminum price points to provide a unique view into aluminum price trends. For more information on the Aluminum MMI℠, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.