Bloomberg News’ Matt Levine says the idea that moving aluminum in and out of warehouses in suburban Detroit caused prices to go up “is exactly false: There was a glut of aluminum, and the price went down.”
Check out his detailed analysis of the Senate Permanent Subcommittee on Investigations’ report at Bloomberg View.
On Friday, November 28, Chinese aluminum scrap jumped up 9.2%, landing at CNY 13,000 ($2,117) per metric ton and making it the day’s biggest increase. On the tail of a three-day flat streak, the price of Chinese aluminum bar rose by 2.8%, settling at CNY 14,600 ($2,378) per metric ton. The cash price of Chinese aluminum fell 0.7% to CNY 13,620 ($2,218) per metric ton. After three essentially changeless days, the price of Chinese aluminum billet dropped 0.7% last Friday to CNY 13,900 ($2,264) per metric ton.
The cash price of primary Indian aluminum declined 1.0% to INR 126.80 ($2.05) per kilogram. Following a two-day rise on the LME, the 3-month price of aluminum flattened at $2,064. After a couple of days of improving prices on the LME, the primary aluminum cash price held steady at $2,098.