“London-listed Rio Tinto said it was temporarily withdrawing expatriate employees’ families from Mozambique over safety concerns but that its coal mining and shipment operations in the southern African state were continuing,” reports Reuters.
“The move followed increased clashes in the centre and north of the country between government forces and guerrillas of the Renamo opposition movement. There has also been a spate of kidnappings for ransom in the capital Maputo and other cities.”
European 5083 plate saw a 5.0 percent decline this week, making it the week’s biggest mover on the weekly Aluminum MMI®. European 1050 aluminum saw a 1.6 percent decline over the past week. Prices for Korean 3003 coil premium over 1050 sheet remained constant, closing the week. Korean 5052 coil premium over 1050 sheet remained essentially flat from the previous week.
Chinese aluminum prices were flat for the week. The cash price of Chinese aluminum traded sideways last week. The price of Chinese aluminum bar did not change since the previous week. Chinese aluminum billet traded sideways last week.
The Indian aluminum cash price saw a 4.7 percent increase in its price. The cash price of primary aluminum rose 1.2 percent on the LME this week, closing out the third week at $1,843 per metric ton. Closing out the third week of rising prices, the aluminum 3-month price increased by 1.2 percent on the LME, landing at $1,891 per metric ton.
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.