The big story, however, was Alcoa doubling down and investing another $190 million in its Davenport, Iowa, aeronautical aluminum plant.
A 5.5% improvement on the weekly Aluminum MMI® made European 1050 aluminum the week’s biggest mover, closing at EUR 2,496 ($3,156) per metric ton. Closing at EUR 2,854 ($3,609) per metric ton for the week, European 5083 plate rose by a slight 0.5%. Following a steady week, prices for Korean 3003 coil premium over 1050 sheet closed flat at KRW 3,740 ($3.50) per kilogram. At KRW 3,890 ($3.64) per kilogram, the price of Korean 5052 coil premium over 1050 sheet did not change since the previous week.
Chinese aluminum prices were flat for the week. At CNY 13,960 ($2,273) per metric ton, the cash price of Chinese aluminum remained essentially flat. Following a steady week, prices for Chinese aluminum bar closed flat at CNY 14,200 ($2,312) per metric ton. Prices for Chinese aluminum billet remained constant, closing the week at CNY 13,590 ($2,213) per metric ton.
Finishing the fourth week of rising prices, the primary aluminum cash price increased by 1.3% on the LME, finishing at $2,037 per metric ton. Closing out the third week of rising prices, the cash price of primary Indian aluminum increased by 1.2%, landing at INR 126.95 ($2.07) per kilogram. The aluminum 3-month price rose 1.0% on the LME over the past week to $2,034 per metric ton. This was the fourth week in a row of increasing prices.
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.