As Alcoa Inc deals with unionized workers at more than 10 US plants, key aluminum prices rose on the MetalMiner IndX this week.
“Workers at plants including Alcoa’s recently expanded Davenport Works facility in Iowa and fabricated aluminum products plant in Lafayette, Indiana have voted to give their negotiators the right to authorize a strike if a contract is not reached,” Reuters reported. “The authorization does not mean the union will strike.”
In the background, the week’s biggest mover on the weekly Aluminum MMI® was the 3-month price of aluminum, which saw a 1.7 percent increase on the LME to $1,803 per metric ton. This comes on the heels of a 2.1 percent decline the week prior. The cash price of primary aluminum rose 1.7 percent on the LME to $1,758 per metric ton after falling 2.3 percent during the previous week.
The Indian aluminum cash price rose 1.6 percent to INR 107.95 ($1.81) per kilogram after falling 2.0 percent during the previous week.
Chinese aluminum prices were mixed for the week. With a 1.5 percent decrease, the Chinese aluminum cash price closed the week at CNY 13,035 ($2,093) per metric ton. Chinese aluminum bar traded sideways last week, hovering around CNY 14,200 ($2,280) per metric ton. Prices for Chinese aluminum billet remained constant, closing the week at CNY 13,590 ($2,182) per metric ton.
Korean 3003 coil premium over 1050 sheet prices held steady from the previous week at KRW 3,740 ($3.66) per kilogram. At KRW 3,890 ($3.80) per kilogram, the price of Korean 5052 coil premium over 1050 sheet did not change since the previous week. Closing at EUR 2,436 ($3,372) per metric ton, European 5083 plate remained unchanged for the week. Following a steady week, prices for European 1050 aluminum closed flat at EUR 2,088 ($2,890) 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.