Aluminum MMI®: Norsk Hydro Reports Strong Earnings, Aluminum Rises on LMA

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Norwegian aluminum manufacturer Norsk Hydro reported strong earnings  this week. First-quarter net profit totaled 393 million kroner ($65.4 million), compared with a net profit of 287 million kroner in the same quarter of 2013. A Survey of 11 analysts had forecast a net profit of 348 million kroner, according to the Wall Street Journal.

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Ford’s incoming all-aluminum-bodied F150 truck will use thousands of rivets and a manufacturing process pioneered by Land Rover when it begins production of the new truck later this year.

The week’s biggest mover on the weekly Aluminum MMI® was the Indian aluminum cash price, which saw a 6.5 percent decline to INR 108.45 ($1.80) per kilogram. This comes on the heels of a 3.1 percent increase the week before. Following a 0.1 percent increase in the week prior, the cash price of primary aluminum fell 3.6 percent on the LME last week to $1,769 per metric ton. The aluminum 3-month price fell 3.3 percent on the LME to $1,812 per metric ton after rising 0.3 percent the week before.

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Chinese aluminum prices were flat for the week. This past week, the Chinese aluminum cash price kept quiet, holding at at CNY 13,290 ($2,123) per metric ton. Prices for Chinese aluminum bar remained constant, closing the week at CNY 14,200 ($2,269) per metric ton. Following a steady week, prices for Chinese aluminum billet closed flat at CNY 13,590 ($2,171) per metric ton.

Korean 3003 coil premium over 1050 sheet prices held steady from the previous week at KRW 3,740 ($3.62) per kilogram. Closing at KRW 3,890 ($3.76) per kilogram, Korean 5052 coil premium over 1050 sheet remained unchanged for the week. At EUR 2,486 ($3,423) per metric ton, the price of European 5083 plate did not change since the previous week. European 1050 aluminum traded sideways last week, hovering around EUR 2,052 ($2,825) per metric ton.

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.

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