The biggest news in a busy week in aluminum was that The UK’s top court refused to hear UC Rusal’s appeal of a London Metal Exchange plan to ease delivery backlogs at warehouses.
The week’s biggest mover on the weekly Aluminum MMI® was the cash price of primary aluminum, which saw a 4.4% decline on the LME to $1,863 per metric ton. This week marked the third in a row of declining prices for the metal. The 3-month price of aluminum saw a 3.7% drop-off this week on the LME to $1,893 per metric ton. The Indian aluminum cash price dropped 0.4% this week, closing out the third consecutive week of falling prices at INR 121.55 ($1.93) per kilogram.
Chinese aluminum prices were mixed for the week. The cash price of Chinese aluminum fell 1.1% over the past week to CNY 13,130 ($2,113) per metric ton. This was the third week in a row of declining prices. The price of Chinese aluminum bar declined 1.1% over the past week, settling at CNY 13,140 ($2,115) per metric ton. At CNY 12,900 ($2,076) per metric ton, the price of Chinese aluminum scrap finished the week 0.8% higher.
Prices for Korean 3003 coil premium over 1050 sheet remained constant, closing the week at KRW 3,740 ($3.40) per kilogram. Korean 5052 coil premium over 1050 sheet prices held steady from the previous week at KRW 3,890 ($3.53) per kilogram. At EUR 2,954 ($3,681) per metric ton, the price of European 5083 plate did not change since the previous week. European 1050 aluminum remained essentially flat from the previous week at EUR 2,613 ($3,238) 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.