Chinese Economic Slump Affecting Aluminum

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Industrial output in August expanded at the weakest pace since 2008 in China, the world’s top consumer.

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Government data showed on Sept. 13 that China’s factory output rose 6.9 percent from a year earlier. In the US, the second-biggest user of base metals, industrial production fell unexpectedly in August for the first time in seven months, government figures showed. Aluminum was gaining on the LME before the reports came out this week.

The cash price of primary aluminum traded sideways, keeping at $1,969 per metric ton on the LME on Wednesday, September 17. On the LME, the aluminum 3-month price showed little movement on Thursday, hovering around $2,005 per metric ton. The cash price of primary Indian aluminum saw little price change on Thursday at INR 124.60 ($2.05) per kilogram.

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Chinese aluminum prices were flat for the day. The price of Chinese aluminum scrap saw little movement at CNY 12,250 ($1,995) per metric ton. For the fifth day in a row, the price of Chinese aluminum billet remained essentially flat at CNY 13,590 ($2,213) per metric ton. The price of Chinese aluminum bar continues hovering around CNY 14,200 ($2,312) per metric ton for the fifth day in a row. The cash price of Chinese aluminum was unchanged at CNY 13,960 ($2,273) per metric ton.

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