The International Aluminum Institute stopped reporting global inventory because of incomplete reports. This makes the world of aluminum much darker than it was before.
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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.
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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.