Alcoa officially unveiled the world’s largest aluminum-lithium facility, a massive warehouse on a 170-acre, multi-building campus that took $90 million and 2 years of construction to create this week. It’s 1 of three such facilities the aluminum giant is developing to better service the aerospace industry.
Not to be outdone, Novelis has opened the world’s largest aluminum recycling center. Located adjacent to the company’s rolling mill in Nachterstedt, Germany, the $258 million (€200 million) recycling center will process up to 400,000 metric tons of aluminum scrap annually, turning it back into high-value aluminum ingots to feed the company’s European manufacturing network.
After falling 5.0%, European 1050 aluminum landed at EUR 2,365 ($2,986) per metric ton and making it the week’s biggest mover on the weekly Aluminum MMI®. Following a 2.4% increase, European 5083 plate finished the week at EUR 2,841 ($3,588) per metric ton. Prices for Korean 3003 coil premium over 1050 sheet remained constant, closing the week at KRW 3,740 ($3.56) per kilogram. Closing at KRW 3,890 ($3.71) per kilogram, Korean 5052 coil premium over 1050 sheet remained unchanged for the week.
Chinese aluminum prices were flat for the week. The cash price of Chinese aluminum remained steady from the previous week at CNY 13,960 ($2,274) per metric ton. At CNY 14,200 ($2,313) per metric ton, the price of Chinese aluminum bar did not change since the previous week. Closing at CNY 13,590 ($2,214) per metric ton, Chinese aluminum billet remained unchanged for the week.
At $1,898 per metric ton, the primary aluminum cash price finished the week down 1.2% on the LME. For the third week in a row, the aluminum 3-month price dropped, falling 1.2% on the LME to $1,933 per metric ton. The cash price of primary Indian aluminum rose 0.6% to INR 120.55 ($1.95) per kilogram after falling 3.9% during 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.