This week Austrian steelmaker Voestalpine AG talked to the media for the first time about its project to fuse aluminum with steel for automotive use. Voestalpine also said low oil prices will not hinder its attempts to enter the US automotive market.
In platinum Glencore officially divested its interest in platinum/palladium miner Lonmin Plc by selling it to its investors.
The week’s biggest mover on the weekly Automotive MMI® was the price of US platinum bar, which saw a 4.0% decline to $1,191 per ounce. This week marked the third in a row of declining prices for the metal. US palladium bar saw a 3.0% drop-off this week to end at $766.00 per ounce.
Closing out the third week of declining prices, the price of US HDG dropped by 2.4%, finishing at $694.00 per short ton.
After a 2.3% decline, Korean 5052 coil premium over 1050 sheet closed out the week at KRW 4,163 ($3.79) per kilogram. Following a 4.0% increase in the week prior, the primary copper cash price fell 1.1% on the LME last week to $5,645 per metric ton. Following a 0.8% drop, the price of Chinese lead finished the week at CNY 12,550 ($2,010) per metric ton. The 3-month price of copper fell 0.7% on the LME to $5,648 per metric ton after rising 4.2% the week before.
The Automotive MMI® collects and weights 7 metal price points used in automotive production to provide a unique view into automotive metal trends. For more information on the Automotive MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.