Following a two-day decline on the LME, the 3-month price of aluminum climbed up 1.8 percent to end at $1,788 per metric ton on Wednesday on the London Metals Exchange. After falling for two days, the cash price of primary aluminum rose 1.8 percent on the LME to $1,746 per metric ton.
Demand for aluminum by automakers continues to increase as many switch from steel for use in the bodies of vehicles. A tidal wave of construction of aluminum alloy automotive sheet projects is under way across the globe, with the largest investors being Novelis and Alcoa.
Businesswire reported that catering to the tendency of lightweight, energy-saving and environmental protection in the automotive industry, aluminum alloy automotive sheet has been widely applied in high-end car models including Audi, Porsche, Benz, VW, BMW, Ferrari, Ford, GM, Honda and Jaguar (for car body, engine, hub, structural parts or even for an all-aluminum car body).
The cash price of primary Indian aluminum saw a 0.5 percent decline. Chinese aluminum prices were flat for the day. The cash price of Chinese aluminum saw little movement on Wednesday. The price of Chinese aluminum scrap held steady and the price of Chinese aluminum billet was unchanged. The price of Chinese aluminum bar saw little movement as well.