LME Aluminum Price Falls, While Hulamin Ltd, Novelis Inc in a Tariff Tiff

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Hulamin Ltd. (HLM), Africa’s largest maker of fabricated aluminum products, has asked South African trade authorities to impose tariffs on aluminum sheet imports, mainly from Brazil.

While exports to Brazil attract a 12 percent duty, aluminum sheet imports from Novelis Inc.’s South American business to beverage can-maker Nampak Ltd. in South Africa are exempt, Richard Jacob, chief executive officer of Pietermaritzburg-based Hulamin, said in an interview with Bloomberg Businessweek. Jacob believes South American producers are being undercut in their own backyard.

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Aluminum Price Movement

On the LME, the cash price of primary aluminum fell 0.8 percent to $1,715 per metric ton. Also on the LME, the 3-month price of aluminum declined 0.8 percent to $1,756 per metric ton. The cash price of primary Indian aluminum fell 1 percent on Tuesday, making it the day’s biggest mover.

Chinese aluminum prices were mixed for the day. The cash price of Chinese aluminum fell to a 30-day low after shifting 0.8 percent. The price of Chinese aluminum scrap saw essentially no change for the fifth day in a row. For the fifth day in a row, the price of Chinese aluminum billet remained essentially flat. The price of Chinese aluminum bar continues hovering in a small range.

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