The week’s biggest mover on the weekly Aluminum MMI® was the cash price of primary Indian aluminum, which saw a 4.4 percent decline to INR 103.60 ($1.72) per kilogram. This comes on the heels of a 1.0 percent increase the week before. The 3-month price of aluminum rose 2.0 percent on the LME to $1,750 per metric ton after falling 2.5 percent during the previous week. The primary aluminum cash price rose 2.0 percent on the LME to $1,705 per metric ton after falling 2.6 percent during the previous week.
Aluminum markets were roiled this week as The London Metal Exchange was forced put on hold new rules to tackle the long warehouse queues that aluminum buyers blame for increasing the price of their products. The new rules were due to take effect at the start of April, but were thrown into disarray Wednesday when a UK court said the consultation procedure was “unfair and unlawful,” and set the rules aside. UC Rusal, the world’s largest aluminum smelter/producer, filed the lawsuit against the LME.
Chinese aluminum prices were mixed for the week. The cash price of Chinese aluminum fell 0.2 percent over the past week to CNY 12,430 ($2,001) per metric ton. This was the third week in a row of declining prices. At CNY 14,200 ($2,286) per metric ton, the week finished with no movement for Chinese aluminum bar. Chinese aluminum billet traded sideways last week, hovering around CNY 13,590 ($2,188) per metric ton.
Closing at KRW 4,210 ($3.92) per kilogram, Korean 3003 coil premium over 1050 sheet remained unchanged for the week. Following a steady week, prices for Korean 5052 coil premium over 1050 sheet closed flat at KRW 4,360 ($4.06) per kilogram. Closing at EUR 2,449 ($3,395) per metric ton, European 5083 plate remained unchanged for the week. At EUR 2,075 ($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.