Another tumultuous week in aluminum ended with the London High Court again putting off its decision on an appeal by the London Metal Exchange to start new aluminum load-in/load-out rules that would be better for consumers of the non-ferrous metal.
In the automotive world, Ford announced higher prices for its new aluminum-bodied 2015 F-150 pick-up truck, a move long expected since aluminum engineering is more costly to build than traditional steel truck bodies.
Rising 3.6 percent to CNY 13,930 ($2,257) per metric ton made the Chinese aluminum cash price this week’s biggest mover on the weekly Aluminum MMI®. Following a steady week, prices for Chinese aluminum bar closed flat at CNY 14,200 ($2,301) per metric ton. Chinese aluminum billet remained essentially flat from the previous week at CNY 13,590 ($2,202) per metric ton. At CNY 12,250 ($1,985) per metric ton, the week finished with no movement for Chinese aluminum scrap.
The 3-month price of aluminum fell 1.8 percent on the LME to $1,993 per metric ton after rising 2.5 percent the week before. Following a 2.4 percent increase in the week prior, the primary aluminum cash price fell 1.4 percent on the LME last week to $1,982 per metric ton. The cash price of primary Indian aluminum increased 1.2 percent this week, closing out the fourth consecutive week of rising prices at INR 122.90 ($2.04) per kilogram.
Korean 3003 coil premium over 1050 sheet traded sideways last week, hovering around KRW 3,740 ($3.65) per kilogram. Prices for Korean 5052 coil premium over 1050 sheet remained constant, closing the week at KRW 3,890 ($3.80) per kilogram. At EUR 2,561 ($3,449) per metric ton, the price of European 5083 plate did not change since the previous week. European 1050 aluminum prices held steady from the previous week at EUR 2,236 ($3,011) 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.