Chinese aluminum scrap finished as the week’s biggest mover on the weekly Aluminum MMI® after dropping 7.3 percent and landing at CNY 12,210 ($1,981) per metric ton. The price of Chinese aluminum billet declined 2.0 percent over the past week, settling at CNY 14,350 ($2,329) per metric ton. Since last week, the price of the Chinese aluminum cash price fell to CNY 14,390 ($2,335) per metric ton after moving 1.3 percent. At CNY 14,050 ($2,280) per metric ton, the week finished with no movement for Chinese aluminum bar.
Closing out the third week of declining prices, the cash price of primary aluminum dropped by 3.3 percent on the LME, finishing at $1,733 per metric ton. The aluminum 3-month price fell to $1,779 per metric ton on the LME, a 3.1 percent change from the prior week. Following a 0.2 percent drop, the cash price of primary Indian aluminum finished the week at INR 104.15 ($1.72) per kilogram.
Korean 3003 coil premium over 1050 sheet traded sideways last week, hovering around KRW 4,210 ($3.64) per kilogram. Korean 5052 coil premium over 1050 sheet prices held steady from the previous week at KRW 4,360 ($3.77) per kilogram. European 5083 plate remained essentially flat from the previous week at EUR 2,708 ($3,532) per metric ton. Following a steady week, prices for European 1050 aluminum closed flat at EUR 2,138 ($2,789) 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.