Hindalco reported earnings this week, off 49% thanks to one-time taxes in the Indian states the aluminum rolling giant has operations in India.
The week’s biggest mover on the weekly Aluminum MMI® was the cash price of primary Indian aluminum, which saw a 5.4 percent increase to INR 109.35 ($1.85) per kilogram. This comes on the heels of a 3.9 percent decline the week prior. The cash price of primary aluminum rose 5.1 percent on the LME to $1,801 per metric ton after falling 2.5 percent during the previous week. The 3-month price of aluminum rose 4.9 percent on the LME to $1,842 per metric ton after falling 2.6 percent during the previous week.
Chinese aluminum prices were mixed for the week. The cash price of Chinese aluminum ticked up 1.8 percent over the past week to CNY 13,270 ($2,123) per metric ton. Prices for Chinese aluminum bar remained constant, closing the week at CNY 14,200 ($2,271) per metric ton. Chinese aluminum billet prices held steady from the previous week at CNY 13,590 ($2,174) per metric ton.
Following a steady week, prices for Korean 3003 coil premium over 1050 sheet closed flat at KRW 3,740 ($3.65) per kilogram. Korean 5052 coil premium over 1050 sheet traded sideways last week, hovering around KRW 3,890 ($3.80) per kilogram. At EUR 2,436 ($3,372) per metric ton, the price of European 5083 plate did not change since the previous week. At EUR 2,088 ($2,890) per metric ton, the week finished with no movement for European 1050 aluminum.
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