The January Aluminum MMI® held steady this past month at 99. Prices for nearly every aluminum element contained in the Aluminum MMI held constant, and movements were limited to a very tight range.
“The Aluminum MMI has held up strongly since the start of 2012, slipping only one point from a year ago,” said Lisa Reisman, managing editor of MetalMiner, “despite the LME warehouse finance games playing out over the course of this year with available stocks declining [see chart below], aluminum remains in stable supply.”
The largest US aluminum producer Alcoa announced fourth quarter results earlier this week, and indicated aluminum demand should grow by 7 percent for 2013 while secondary aluminum products (e.g. semi’s) continue to provide strength for Alcoa’s earnings (over primary products).
Notable Price Movements
The price of European 5083 plate increased 2.8 percent to EUR 2,809 ($3,708) per metric ton.
After rising 9.9 percent the previous month, aluminum 3-month prices dropped 0.4 percent on the LME to $2,071 per metric ton.
Chinese aluminum bar experienced nearly a flat month, dropping 0.1 percent and staying around CNY 14,050 ($2,252) per metric ton. Chinese aluminum billet dropped 0.8 percent last month, staying around CNY 15,100 ($2,420) per metric ton. Chinese aluminum scrap dropped 0.9 percent, holding at CNY 12,800 ($2,052) per metric ton.
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.