The week’s biggest mover on the weekly Aluminum MMI® was the Indian aluminum cash price, which saw a 8.1 percent increase to INR 104.70 ($1.93) per kilogram. This comes on the heels of a 5.0 percent decline the week prior. The primary aluminum cash price rose 5.5 percent on the LME to $1,886 per metric ton after falling 4.4 percent during the previous week. The 3-month price of aluminum rose 4.6 percent on the LME to $1,913 per metric ton after falling 3.8 percent during the previous week.
Chinese aluminum prices were mixed for the week. One of the big movers this week was Chinese aluminum scrap, which shot up 3.0 percent to reach CNY 12,905 ($2,103) per metric ton. The Chinese aluminum cash price rose 0.9 percent to CNY 14,530 ($2,368) per metric ton after falling 0.4 percent during the previous week. The price of Chinese aluminum billet rose 0.7 percent to CNY 14,400 ($2,347) per metric ton after falling 0.3 percent during the previous week.
Korean 3003 coil premium over 1050 sheet prices held steady from the previous week at KRW 4,210 ($3.89) per kilogram. Korean 5052 coil premium over 1050 sheet traded sideways last week, hovering around KRW 4,360 ($4.03) per kilogram. Prices for European 5083 plate remained constant, closing the week at EUR 2,689 ($3,516) per metric ton. At EUR 2,153 ($2,815) per metric ton, the price of European 1050 aluminum did not change since the previous 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.