The week’s biggest mover on the weekly Aluminum MMI® was the Indian aluminum cash price, which saw a 4.8 percent increase to INR 115.90 ($1.87) per kilogram. This week marked the third in a row of rising prices for the metal. At $1,839 per metric ton, the primary aluminum cash price finished the week 3.7 percent higher on the LME. Closing out the third week of rising prices, the aluminum 3-month price increased by 3.7 percent on the LME, landing at $1,887 per metric ton.
Chinese aluminum prices were mixed for the week. The price of Chinese aluminum scrap increased by a slight 1.1 percent over the past week to CNY 12,955 ($2,117) per metric ton. Closing at CNY 14,600 ($2,386) per metric ton for the week, Chinese aluminum billet rose by a slight 0.7 percent. Following a 0.8 percent increase in the week prior, the cash price of Chinese aluminum fell 0.3 percent last week to CNY 14,600 ($2,386) per metric ton.
Closing at KRW 4,210 ($3.93) per kilogram, Korean 3003 coil premium over 1050 sheet remained unchanged for the week. At KRW 4,360 ($4.07) per kilogram, the week finished with no movement for Korean 5052 coil premium over 1050 sheet. European 5083 plate traded sideways last week, hovering around EUR 2,656 ($3,618) per metric ton. At EUR 2,112 ($2,877) per metric ton, the price of European 1050 aluminum did not change since the previous week.
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.