Boeing Machinists Vote On Crucial Contract; Chinese Aluminum Scrap Up

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Tally the votes! Today, “some 31,000 Boeing machinists vote….on a crucial labor contract that affects the location of thousands of jobs and billions of dollars of economic activity,” reports Reuters.

“If the workers accept the deal, Boeing Co would build its new 777X jetliner and wings in the Seattle area, where Boeing has built aircraft for more than 90 years.”

“If they reject it, Boeing says it will make the wings and possibly the whole plane, elsewhere, marking a major employment and economic loss for Washington state.”

“Boeing says it has received offers from 22 states interested in hosting a new factory to build the successor to its popular 777 widebody jet.”

In metal price news for aluminum…

The week’s biggest mover on the weekly Aluminum MMI® was the price of Chinese aluminum scrap, which saw a 6.0 percent increase. This comes on the heels of a 3.5 percent decline the week prior. The Chinese aluminum cash price rose 0.4 percent after falling 0.8 percent during the previous week. The price of Chinese aluminum bar did not change since the previous week. Chinese aluminum billet remained essentially flat from the previous week.

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The primary aluminum cash price rose 3.2 percent on the LME to $1,764 per metric ton after falling 2.3 percent during the previous week. The aluminum 3-month price rose 3.2 percent on the LME to $1,811 per metric ton after falling 2.3 percent during the previous week. The cash price of primary Indian aluminum rose 1.5 percent after falling 1.0 percent during the previous week.

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European 5083 plate dropped 4.2 percent over the past week. European 1050 aluminum gained a slight 1.3 percent this past week. Korean 3003 coil premium over 1050 sheet traded sideways last week. Prices for Korean 5052 coil premium over 1050 sheet remained constant.

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.