Prices for Chinese aluminum scrap saw the biggest increase on the weekly Aluminum MMI® this week, rising 7.1 percent and settling at CNY 12,445 ($2,002) per metric ton. The price of Chinese aluminum billet fell 0.3 percent to CNY 14,450 ($2,325) per metric ton after rising 0.3 percent the week before. The Chinese aluminum cash price closed last week at CNY 14,520 ($2,336) per metric ton, after a 0.3 percent drop. Chinese aluminum bar remained essentially flat from the previous week at CNY 14,050 ($2,261) per metric ton.
At $1,900 per metric ton, the aluminum 3-month price finished the week down 2.2 percent on the LME. The primary aluminum cash price fell 2.0 percent on the LME over the past week to $1,867 per metric ton. This was the third week in a row of declining prices. For the third week in a row, the cash price of primary Indian aluminum dropped, falling 0.9 percent to INR 102.30 ($1.88) per kilogram.
Closing at KRW 4,210 ($3.79) per kilogram, Korean 3003 coil premium over 1050 sheet remained unchanged for the week. At KRW 4,360 ($3.92) per kilogram, the week finished with no movement for Korean 5052 coil premium over 1050 sheet. European 5083 plate prices held steady from the previous week at EUR 2,624 ($3,419) per metric ton. European 1050 aluminum traded sideways last week, hovering around EUR 2,215 ($2,886) 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.