The European Union threatened to widen tariffs on heavy rolls of aluminum foil from China, highlighting the Chinese challenge to manufacturers in Europe, Bloomberg News reported.
The EU began an inquiry into whether Chinese exporters of aluminum foil in rolls weighing more than 10 kilograms (22 pounds) and with a thickness of less than 0.021 millimeter sell the wrapping in the bloc below cost, a practice known as dumping.
The EU already applies anti-dumping duties on aluminum foil from China in rolls weighing more than 10 kilograms and as wide as 650 millimeters (25.6 inches), with a thickness between 0.008 millimeter and 0.018 millimeter. This foil is excluded from the probe announced today.
Chinese aluminum billet saw a 1.5% drop on Tuesday, December 30, landing at CNY 13,200 ($2,121) per metric ton and making it the biggest mover of the day. The cash price of Chinese aluminum fell 0.4% to CNY 12,990 ($2,087) per metric ton. The price of Chinese aluminum bar fell 0.3% to a 30-day low of CNY 13,000 ($2,088) per metric ton yesterday. The price of Chinese aluminum scrap held steady at CNY 12,600 ($2,024) per metric ton.
The cash price of primary aluminum dropped by 0.3% on the LME to $1,827 per metric ton after holding steady. Following a quiet couple of days, the 3-month price of aluminum fell 0.2% yesterday on the LME to $1,859 per metric ton. At INR 119.15 ($1.87), the cash price of primary Indian aluminum finished the market day up 0.1% per kilogram.