Aluminum MMI®: Alcoa Lands Boeing, Chinese and US Housing Data Stifle Prices

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This week in aluminum, Alcoa signed a $1 billion aviation aluminum deal with Boeing. China’s economic slump hurt all of the base metals and even US housing data came up short.

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Following a 2.2 percent on the LME decline to $2,005 per metric ton, the aluminum 3-month price finished as the week’s biggest mover on the weekly Aluminum MMI®. The primary aluminum cash price fell 2.1 percent on the LME for the week to settle at $1,969 per metric ton. Following a 0.2 percent increase in the week prior, the cash price of primary Indian aluminum fell 1.7 percent last week to INR 124.60 ($2.05) per kilogram.

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Chinese aluminum prices were flat for the week. This past week, the Chinese aluminum cash price kept quiet, holding at at CNY 13,960 ($2,273) per metric ton. Chinese aluminum bar prices held steady from the previous week at CNY 14,200 ($2,312) per metric ton. Following a steady week, prices for Chinese aluminum billet closed flat at CNY 13,590 ($2,213) per metric ton.

Korean 3003 coil premium over 1050 sheet remained essentially flat from the previous week at KRW 3,740 ($3.61) per kilogram. Following a steady week, prices for Korean 5052 coil premium over 1050 sheet closed flat at KRW 3,890 ($3.76) per kilogram. European 5083 plate prices held steady from the previous week at EUR 2,774 ($3,583) per metric ton. European 1050 aluminum remained essentially flat from the previous week at EUR 2,489 ($3,215) 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.

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