Aluminum Down For the Week But Auto Investments Continue

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While prices have not yet turned upward, aluminum continues to make news and break into new markets. Jaguar unveiled prototype drawings of XE sport sedan this week. The XE will be the first model in Jaguar’s portfolio to use an all-aluminum monocoque chassis, a first in the sport sedan segment. In addition to the chassis, Autocar UK suggests the XE is being engineered with an aluminum suspension.

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Novelis said it expects aluminum sales to increase by 20% this year while UC Rusal warned of a late 2014 supply shortage.

The week’s biggest mover on the weekly Aluminum MMI® was the cash price of primary Indian aluminum, which saw a 3.9 percent decline to INR 103.70 ($1.77) per kilogram. This comes on the heels of a 1.6 percent increase the week before. Following a 1.7 percent increase in the week prior, the aluminum 3-month price fell 2.6 percent on the LME last week to $1,756 per metric ton. The primary aluminum cash price fell 2.5 percent on the LME to $1,714 per metric ton after rising 1.7 percent the week before.

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Chinese aluminum prices were flat for the week. Closing at CNY 13,030 ($2,090) per metric ton, the Chinese aluminum cash price remained unchanged for the week. Closing at CNY 14,200 ($2,277) per metric ton, Chinese aluminum bar remained unchanged for the week. Following a steady week, prices for Chinese aluminum billet closed flat at CNY 13,590 ($2,180) 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. Korean 5052 coil premium over 1050 sheet remained essentially flat from the previous week at KRW 3,890 ($3.81) per kilogram. Prices for European 5083 plate remained constant, closing the week at EUR 2,436 ($3,372) per metric ton. European 1050 aluminum traded sideways last week, hovering around 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.

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