Following a 3.2 percent decline to CNY 11,625 ($1,869) per metric ton, Chinese aluminum scrap finished as the week’s biggest mover on the weekly Aluminum MMI®. Following a steady week, prices for the Chinese aluminum cash price closed flat at CNY 14,480 ($2,328) per metric ton. At CNY 14,050 ($2,259) per metric ton, the price of Chinese aluminum bar did not change since the previous week. Chinese aluminum billet remained essentially flat from the previous week at CNY 14,400 ($2,315) per metric ton.
The 3-month price of aluminum fell 2.4 percent last week on the LME, settling at $1,969 per metric ton. The cash price of primary aluminum fell 2.2 percent on the LME for the week to settle at $1,927 per metric ton. Following a 0.8 percent drop, the cash price of primary Indian aluminum finished the week at INR 104.55 ($1.91) per kilogram.
The price of European 1050 aluminum increased by a slight 1.5 percent over the past week to EUR 2,215 ($2,875) per metric ton. The price of European 5083 plate declined 1.1 percent over the past week, settling at EUR 2,624 ($3,406) per metric ton. At KRW 4,210 ($3.88) per kilogram, the week finished with no movement for Korean 3003 coil premium over 1050 sheet. Closing at KRW 4,360 ($4.02) per kilogram, Korean 5052 coil premium over 1050 sheet remained unchanged for the 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.