Despite most analysts agreeing that aluminum is in deficit, outside factors such as the strong US dollar and oil prices are still pushing prices of the non-ferrous metal down.
After a big decline this week, the aluminum market is looking forward to Monday when Alcoa will report and kick off earnings week in the US. Most expect strong earnings for the now-diversified metals company.
The week’s biggest mover on the weekly Aluminum MMI® was the cash price of primary Indian aluminum, which saw a 4.3% decline to INR 113.25 ($1.79) per kilogram. This week marked the third in a row of declining prices for the metal. The primary aluminum cash price fell to $1,762 per metric ton on the LME, a 3.9% change from the prior week. The aluminum 3-month price fell 3.4% on the LME over the past week to $1,791 per metric ton. This was the fourth week in a row of declining prices.
Chinese aluminum prices were mixed for the week. Chinese aluminum scrap finished the week at CNY 12,200 ($1,964) per metric ton after falling 3.2%. The cash price of Chinese aluminum fell 1.8% over the past week to CNY 12,760 ($2,054) per metric ton. This was the fourth week in a row of declining prices. The price of Chinese aluminum bar fell 1.8% over the past week to CNY 12,770 ($2,055) per metric ton. This was the fourth week in a row of declining prices.
Prices for Korean 3003 coil premium over 1050 sheet remained constant, closing the week at KRW 3,740 ($3.42) per kilogram. At KRW 3,890 ($3.55) per kilogram, the price of Korean 5052 coil premium over 1050 sheet did not change since the previous week. Following a steady week, prices for European 5083 plate closed flat at EUR 2,843 ($3,437) per metric ton. European 1050 aluminum prices held steady from the previous week at EUR 2,499 ($3,021) 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.