Aluminum MMI®: Novelis Slows Production, Ford Won’t Make Aluminum Cars

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Source: Novelis

This week in aluminum, Novelis slowed down production at the Kentucky plant that supplies 40% of the aluminum beverage can sheet used by Coca-Cola and a much of MillerCoors’ beverage can needs, too.

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In the automotive world, Joe Hinrichs, Ford Motor Co.’s president of the Americas, said Wednesday he doesn’t envision a run on all-aluminum cars if Ford’s aluminum-bodied F-150 is successful.

Prices for Korean 1050 aluminum sheet saw the biggest increase on the weekly Aluminum MMI® this week, rising 16.3% and settling at KRW 4,290 ($3.96) per kilogram. Over the past week, Korean 3003 coil premium over 1050 sheet rose 16.0% to KRW 4,340 ($4.01) per kilogram. Korean 5052 coil premium over 1050 sheet prices climbed to KRW 4,490 ($4.15) per kilogram, up from KRW 3,890 ($3.56) a week ago. Following a steady week, prices for European 5083 plate closed flat at EUR 2,843 ($3,437) per metric ton.

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Chinese aluminum prices were mixed for the week. For the third week in a row, the price of Chinese aluminum scrap dropped, falling 3.3% to CNY 11,900 ($1,921) per metric ton. The Chinese aluminum cash price fell 2.1% over the past week to CNY 12,490 ($2,016) per metric ton. This was the fourth week in a row of declining prices. The price of Chinese aluminum bar fell 2.1% over the past week to CNY 12,500 ($2,018) per metric ton. This was the fourth week in a row of declining prices.

The Indian aluminum cash price fell 2.5% over the past week to INR 110.65 ($1.79) per kilogram. This was the fourth week in a row of declining prices. The 3-month price of aluminum fell 1.3% on the LME over the past week to $1,782 per metric ton. This was the fourth week in a row of declining prices. The primary aluminum cash price fell 0.3% on the LME over the past week to $1,766 per metric ton. This was the fourth week in a row of declining prices.

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.

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