The International Aluminum Institute stopped reporting global inventory because of incomplete reports. This makes the world of aluminum much darker than it was before.
Aluminum prices are also reaching a tipping point which may change their trend.
Korean 1050 aluminum sheet’s 7.6% decline made it this week’s biggest mover on the weekly Aluminum MMI®, closing at KRW 3,963 ($3.61) per kilogram. The price of Korean 3003 coil premium over 1050 sheet declined 2.4% over the past week, settling at KRW 4,013 ($3.65) per kilogram. Korean 5052 coil premium over 1050 sheet fell 2.3% over the past week to KRW 4,163 ($3.79) per kilogram. At EUR 2,897 ($3,279) per metric ton, the week finished with no movement for European 5083 plate.
Chinese aluminum prices were mixed for the week. In the past week, the price of Chinese aluminum bar shot up 4.1% to CNY 13,560 ($2,172) per metric ton. Chinese aluminum billet weakened by 3.2% to land at CNY 12,780 ($2,047) per metric ton. Following a 2.7% increase in the week prior, the Chinese aluminum cash price fell 1.8% last week to CNY 12,770 ($2,046) per metric ton.
The primary aluminum cash price fell 2.7% on the LME to $1,811 per metric ton after rising 0.7% the week before. Following a 0.9% increase in the week prior, the 3-month price of aluminum fell 2.3% on the LME last week to $1,831 per metric ton. The Indian aluminum cash price fell 1.8% to INR 114.30 ($1.83) per kilogram after rising 3.1% the week before.
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.