United Company Rusal Plc , the world’s biggest aluminum producer, has kicked off talks with Japanese buyers at a record high premium of $460 per ton for October-December shipments of the metal, three sources told Reuters this week.
It was also announced that BHP Billiton will spin off its aluminum assets as well as nickel in its big demerger.
The week’s biggest mover on the weekly Aluminum MMI® was the Indian aluminum cash price, which saw a 1.7 percent increase to INR 126.05 ($2.08) per kilogram. This comes on the heels of a 1.0 percent decline the week prior. Last week, the primary aluminum cash price increased by a slight 0.5 percent on the LME to $2,037 per metric ton. The aluminum 3-month price rose 0.5 percent on the LME over the past week to $2,054 per metric ton.
Chinese aluminum prices were flat for the week. The Chinese aluminum cash price traded sideways last week, hovering around CNY 13,960 ($2,274) per metric ton. Chinese aluminum bar prices held steady from the previous week at CNY 14,200 ($2,313) per metric ton. Prices for Chinese aluminum billet remained constant, closing the week at CNY 13,590 ($2,213) per metric ton.
At KRW 3,740 ($3.63) per kilogram, the week finished with no movement for Korean 3003 coil premium over 1050 sheet. Korean 5052 coil premium over 1050 sheet traded sideways last week, hovering around KRW 3,890 ($3.78) per kilogram. European 5083 plate remained essentially flat from the previous week at EUR 2,728 ($3,646) per metric ton. At EUR 2,275 ($3,041) per metric ton, the price of European 1050 aluminum did not change since the previous week.
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.