This week in aluminum: UC Rusal posted its best results since 2011. Novelis announced that it would switch all of its beverage can sheet production to the 90% recyclable Evercan by 2017, and the first aluminum-bodied Ford F-150 trucks came off the assembly line.
Prices were generally up in this banner week for the non-ferrous metal, even as Novelis CEO Phil Martens suggested that Asian oversupply could last for years.
The biggest mover this week was the cash price of primary Chinese aluminum with a 2.0% fall on the weekly Aluminum MMI® to close the week at CNY 13,680 ($2,227) per metric ton. Closing at CNY 14,200 ($2,312) per metric ton, Chinese aluminum bar remained unchanged for the week. At CNY 13,590 ($2,213) per metric ton, the week finished with no movement for Chinese aluminum billet. Chinese aluminum scrap remained essentially flat from the previous week at CNY 12,250 ($1,995) per metric ton.
The primary aluminum cash price rose 1.3% on the LME this week, closing out the third week at $2,064 per metric ton. The aluminum 3-month price rose 1.1% on the LME over the past week to $2,056 per metric ton. The cash price of primary Indian aluminum fell 0.6% to INR 126.20 ($2.06) per kilogram after rising 1.2% the week before.
At KRW 3,740 ($3.50) per kilogram, the price of Korean 3003 coil premium over 1050 sheet did not change since the previous week. Korean 5052 coil premium over 1050 sheet traded sideways last week, hovering around KRW 3,890 ($3.64) per kilogram. Closing at EUR 2,854 ($3,609) per metric ton, European 5083 plate remained unchanged for the week. Prices for European 1050 aluminum remained constant, closing the week at EUR 2,496 ($3,156) 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.