As spot and 3-month prices of LME aluminum rose over the week, folks such as those at HARBOR Aluminum are contending that aluminum premiums are on their way down. To find out what they’re basing that on, you’d have to subscribe to their report.
But as far as US Midwest aluminum ingot premiums go, we’ll have to wait and see if the lawsuits around the LME warehousing scheme bring them down…
However, the aluminum cash price saw the largest increase this week on the weekly Aluminum MMI®, rising 6.0 percent on the LME to settle at $1,835 per metric ton. The aluminum 3-month price closed last week at $1,883 per metric ton on the LME after a 5.9 percent rise in its price.
The cash price of primary Indian aluminum spiked 5.3 percent last week.
The Chinese aluminum cash price rose 0.8 percent after falling 0.1 percent during the previous week. The price of Chinese aluminum billet rose 0.7 percent after falling 0.4 percent during the previous week. The price of Chinese aluminum bar did not change since the previous week.
Prices for Korean 3003 coil premium over 1050 sheet remained constant. Korean 5052 coil premium over 1050 sheet remained essentially flat from the previous week. European 5083 plate traded sideways last week. The week finished with no movement for European 1050 aluminum.
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.