Chinese Aluminum Scrap Up After Three-Day Flat Spell

The price of Chinese aluminum scrap increased by 4.6 percent on Tuesday, July 30 to CNY 12,630 ($2,060) per metric ton, making it the day’s biggest mover. Tuesday saw the price of Chinese aluminum billet drift down 0.7 percent to CNY 14,250 ($2,324) per metric ton after three quiet days. Chinese aluminum primary saw its price drop 0.3 percent to a 30-day low of CNY 14,260 ($2,326) per metric ton yesterday. The price of Chinese aluminum bar was unchanged at CNY 14,050 ($2,291) per metric ton.

The aluminum 3-month price weakened by 0.2 percent on the LME, settling at $1,802 per metric ton. The Indian aluminum cash price declined 0.1 percent to INR 104.20 ($1.75) per kilogram. Following two days of downward movement, the cash price of primary aluminum held steady at $1,760 per metric ton on the LME.

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