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.
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.
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.