UC Rusal also announced this week that it would offer the CME Group’s Chicago-based aluminum futures contract to its customers, eliminating the Midwest premium for US customers.
The week’s biggest mover on the weekly Aluminum MMI® was the 3-month price of aluminum, which saw a 2.7 percent increase on the LME to $1,871 per metric ton. This comes on the heels of a 1.1 percent decline the week prior. The primary aluminum cash price rose 2.2 percent on the LME to $1,835 per metric ton after falling 0.3 percent during the previous week. The cash price of primary Indian aluminum rose 1.4 percent to INR 110.60 ($1.86) per kilogram after falling 0.3 percent during the previous week.
Chinese aluminum prices were mixed for the week. The Chinese aluminum cash price rose 1.4 percent to CNY 13,370 ($2,147) per metric ton after falling 0.7 percent during the previous week. Prices for Chinese aluminum bar remained constant, closing the week at CNY 14,200 ($2,280) per metric ton. Chinese aluminum billet traded sideways last week, hovering around CNY 13,590 ($2,182) per metric ton.
Closing at KRW 3,740 ($3.68) per kilogram, Korean 3003 coil premium over 1050 sheet remained unchanged for the week. Following a steady week, prices for Korean 5052 coil premium over 1050 sheet closed flat at KRW 3,890 ($3.83) per kilogram. Closing at EUR 2,532 ($3,459) per metric ton, European 5083 plate remained unchanged for the week. Prices for European 1050 aluminum remained constant, closing the week at EUR 2,139 ($2,922) 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.