Things aren’t looking up for China. Bloomberg reported that during his presentation for the Metal Bulletin aluminum conference in Geneva, Qin Junman, vice president of China Nonferrous Metal Industry’s Foreign Engineering & Construction Co., noted that China’s aluminum industry had an estimated $1.8B loss last year: “The loss is 11.35b yuan, with 35% of companies losing money, or 89 of 281 aluminum enterprises.”
The day’s biggest mover was Chinese aluminum scrap, dropping 0.7 percent on Wednesday, September 18. The Chinese aluminum cash price saw a 0.5 percent decline. The price of Chinese aluminum bar continues to hover for the fifth day in a row. Chinese aluminum billet stayed flat.
On the LME, the aluminum 3-month price declined 0.4 percent to $1,777 per metric ton. The Indian aluminum cash price increased 0.3 percent to INR 110.00 ($1.74) per kilogram. The primary aluminum cash price saw a 0.3 percent decline on the LME to $1,730 per metric ton.