Chinese Aluminum Billet Hits 30-Day Low, After New Threat of EU Foil Tariffs

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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.

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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.

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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.

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