At INR 105.25 ($1.75) per kilogram, the Indian aluminum cash price moved up 1.6 percent on Friday, March 28, making it the day’s biggest mover. The 3-month price of aluminum saw a 1.4 percent decline on the LME to $1,725 per metric ton. On the LME, the primary aluminum cash price declined 1.3 percent to $1,683 per metric ton.
Novelis President and Chief Executive Officer Phil Martens issued the following statement in response to Thursday’s ruling by the United Kingdom High Court regarding planned changes to aluminum warehousing rules by the London Metal Exchange (LME).
“We are very disappointed with the outcome of the legal process in the UK,” said Martens. “We have worked closely with the LME and other stakeholders for two-and-a-half years to push for changes. Unfortunately, Rusal’s unilateral action resulting in this court decision will stifle the LME’s proposal to alleviate the unprecedented backlog at LME warehouses and will be very destructive to the market.”
The ruling means the current LME warehousing rules will continue for the foreseeable future.
Chinese aluminum prices were mixed for the day. After a 0.5 percent increase, the Chinese aluminum cash price finished the day at CNY 12,490 ($2,010) per metric ton. For the fifth consecutive day, the price of Chinese aluminum scrap held flat at CNY 12,250 ($1,971) per metric ton. The price of Chinese aluminum billet remained essentially flat at CNY 13,590 ($2,187) per metric ton. For the fifth day in a row, the price of Chinese aluminum bar remained essentially flat at CNY 14,200 ($2,285) per metric ton.