Chinese aluminum scrap finished as the week’s biggest mover on the weekly Aluminum MMI® after dropping 7.3 percent.
The price of Chinese aluminum billet declined 2.0 percent over the past week. Since last week, the Chinese aluminum cash price fell 1.3 percent. 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 lower.
Korean 3003 coil premium over 1050 sheet traded sideways last week. Korean 5052 coil premium over 1050 sheet prices held steady from the previous week. European 5083 plate remained essentially flat from the previous week. Following a steady week, prices for European 1050 aluminum closed flat.
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.