The monthly Aluminum MMI® registered a value of 96 in July, dropping 2 percent from June’s reading of 98.
Prices for aluminum fell in most markets, particularly Europe, China and India. As we saw earlier with the Stainless MMI®, Korean prices lent support to the aluminum complex.
Source: MetalMiner IndX(SM)
“Aluminum prices fell across the board in nearly every market with the exception of Korea,” said Lisa Reisman, managing editor of MetalMiner. “Overall, the Aluminum MMI® held up fairly well in comparison to the other MMI data to be released but is not inconsistent with slowing demand as demonstrated by yesterday’s release of the ISM Manufacturing Index data.”
Drivers of This Month’s Change in the Aluminum MMI®
The Indian aluminum cash price dropped two percent.
On the LME, the primary aluminum cash price closed the month at $1,867 per metric ton after dropping 7 percent. The price of European 5083 plate fell 6.2 percent while European 1050 aluminum sheet prices fell 4.6 percent.
The Chinese aluminum cash price finished the month down 2 percent. Last month, Chinese aluminum billet prices dropped by 3 percent. Chinese aluminum scrap prices were down 0.9 percent for the month. Chinese aluminum bar prices remained unchanged.
Korean 3003 coil premium over 1050 sheet increased by 3 percent. The price of Korean 5052 coil premium over 1050 sheet also increased by 3 percent. Korean 1050 aluminum sheet prices followed suit, shifting up 3 percent.
The Aluminum MMI® collects and weights 12 global aluminum price points to provide a unique view into aluminum price trends over a 30-day period. 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.