The week’s biggest mover on the weekly Aluminum MMI® was the cash price of primary aluminum, which saw a 2.2 percent increase on the LME to $2,082 per metric ton. This week marked the third in a row of rising prices for the metal. At $2,086 per metric ton, the aluminum 3-month price finished the week 1.6 percent higher on the LME, meaning the three-month price is now higher than the spot price.
While most aluminum companies are posting gains from the improving market, China’s CHALCO posted a $671 million loss this week mostly due to shuttered production early in the year. Russian giant UC Rusal, the world’s largest aluminum company, had much more typical numbers posting a quartlerly profit of $116 million, Rusal’s first quarter in the black since 2013.
Finishing the fourth week of rising prices, the cash price of primary Indian aluminum increased by 0.4 percent, finishing at INR 126.50 ($2.10) per kilogram.
Chinese aluminum prices were flat for the week. The cash price of Chinese aluminum remained steady from the previous week at CNY 13,960 ($2,266) per metric ton. At CNY 14,200 ($2,304) per metric ton, the week finished with no movement for Chinese aluminum bar. Prices for Chinese aluminum billet remained constant, closing the week at CNY 13,590 ($2,205) per metric ton.
Korean 3003 coil premium over 1050 sheet prices held steady from the previous week at KRW 3,740 ($3.63) per kilogram. Following a steady week, prices for Korean 5052 coil premium over 1050 sheet closed flat at KRW 3,890 ($3.78) per kilogram. Prices for European 5083 plate remained constant, closing the week at EUR 2,728 ($3,646) per metric ton. European 1050 aluminum remained essentially flat from the previous week at EUR 2,275 ($3,041) 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.