The week’s biggest mover on the weekly Aluminum MMI® was the cash price of primary Indian aluminum, which saw a 3.4 percent decline to INR 109.40 ($2.00) per kilogram. Last week marked the fourth in a row of declining prices for the metal. Closing out the third week of declining prices, the primary aluminum cash price dropped by 3.4 percent on the LME, finishing at $1,990 per metric ton. The 3-month price of aluminum dropped 3.0 percent on the LME this week, closing out the third consecutive week of falling prices at $2,032 per metric ton.
Chinese aluminum prices were mixed for the week. The price of Chinese aluminum billet declined 1.3 percent over the past week, settling at CNY 14,850 ($2,387) per metric ton. The cash price of Chinese aluminum fell 0.7 percent last week, settling at CNY 14,940 ($2,402) per metric ton. Chinese aluminum bar traded sideways last week, hovering around CNY 14,050 ($2,259) per metric ton.
At KRW 4,210 ($3.98) per kilogram, the week finished with no movement for Korean 3003 coil premium over 1050 sheet. Following a steady week, prices for Korean 5052 coil premium over 1050 sheet closed flat at KRW 4,360 ($4.12) per kilogram. European 5083 plate prices held steady from the previous week at EUR 2,809 ($3,667) per metric ton. Prices for European 1050 aluminum remained constant, closing the week at EUR 2,304 ($3,008) per metric ton.
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.