In aluminum this week, Novelis pledeged to redouble its recycling and emissions cutting efforts with a goal of a reduction of 50% of its carbon dioxide emissions by 2020.
Meanwhile, Alcoa made a strong move to acquire part of the lucrative US shale drilling market by debuting new aluminum drilling pipe.
The week’s biggest mover on the weekly Aluminum MMI® was the cash price of primary Indian aluminum, which saw a 3.9% decline to INR 119.80 ($1.97) per kilogram. This week marked the third in a row of declining prices for the metal. The 3-month price of aluminum fell 2.4% last week on the LME, settling at $1,957 per metric ton. The primary aluminum cash price declined to $1,922 per metric ton after drifting 2.4% on the LME since last week.
Chinese aluminum prices were flat for the week. The cash price of Chinese aluminum stayed essentially flat at CNY 13,960 ($2,275) per metric ton. Closing at CNY 14,200 ($2,314) per metric ton, Chinese aluminum bar remained unchanged for the week. At CNY 13,590 ($2,215) per metric ton, the price of Chinese aluminum billet did not change since the previous week.
Following a steady week, prices for Korean 3003 coil premium over 1050 sheet closed flat at KRW 3,740 ($3.60) per kilogram. Prices for Korean 5052 coil premium over 1050 sheet remained constant, closing the week at KRW 3,890 ($3.74) per kilogram. European 5083 plate prices held steady from the previous week at EUR 2,774 ($3,583) per metric ton. At EUR 2,489 ($3,215) per metric ton, the week finished with no movement for European 1050 aluminum.
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.